PlayDapp suffered a private key compromise ~ $31M

HashingBits | Week- 58

In brief ⚡

• PlayDapp Hit by $31 Million Token Breach: Market Turmoil and Investor Confidence Shaken

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Hacks and Scams⚠️

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PlayDapp

Amount of Loss:  ~ $31M

Analysis

• PlayDapp, a major player in blockchain gaming, experienced a sophisticated cyber-attack where the attacker infiltrated the system and added a new address as a minter, allowing them to mint 200 million PLA tokens worth $31 million.

• The breach highlights significant security oversight within PlayDapp's infrastructure, enabling the attacker to directly influence the token's supply and value by bypassing conventional theft methods.

• The attack led to immediate market repercussions, with $5.9 million worth of stolen tokens transferred to the Gate platform, indicating intentions to liquidate the assets.

• PLA token value plummeted by 11.32% within 24 hours post-breach, reflecting market concerns about security and stability in blockchain gaming platforms like PlayDapp.

• Investors experienced financial losses as a result of the decline in PLA token value, impacting confidence in the platform and its security measures.

• The breach underscores the importance of robust security measures and protocols in blockchain-based ecosystems to prevent such attacks and mitigate their consequences.

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Explore the Depths of Knowledge: Research Papers, Blogs and Tweets🔖

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Tweets

1. Every blockchain or smart contract language should be aware of the “tutorial avalanche” and do their best to trigger it.  Let me explain.

2.  3 mandatory checklists to go through before doing a smart contract security audit on your codebase:

3. This new ERC404 hype seems to have a funny side-effect in its _transf

4. I was analyzing the @SocketDotTech  exploit while it was ongoing, which then gave me ideas to look for a similar bug in a contest I was in...

5. Learning Yul/Assembly has given me a deeper understanding of the EVM  Ever wondered how Events are emitted under the hood? 

GitHub Repos

1.  The Solcurity Standard

Articles 

1. Aave v3 bug bounty part 1: Security concerns and improvements about the `executeFlashLoan` function

2. Solidity Security - Lesson 5: Lending/Borrowing DeFi Attacks

3. ZK-Audit

4. Vulnerable Spots of Lending Protocols

5. Ethereum Executes Blockchain Hard Fork to Return DAO Funds

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Web3 Community Spotlight🔦

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Epic event about Ethereum at ETHDenver!

Epic ETH Infra Day is a one-day technical event for builders dedicated to Ethereum Infrastructure. Web3 developers, founders, and enthusiasts are invited.

Don't miss your chance to visit keynotes from the coolest experts:

• ​Bobbin Threadbare - Co-founder @ Polygon

• ​Brandon Truong - Co-founder @ ZetaChain

• ​Nick White - COO @ Celestia

• Firat Sertgoz - Engineering Manager @ NEAR

• Ben Goebel - Exploration Dev @ StarkWare

• Harry Roberts - Technical Product Manager @ Oasis Network

🗺️March 1st, Denver

Grab a ticket here

 Introduction  In 2022, Epic Games CEO Tim Sweeney expressed that zero-knowledge proofs (ZKPs) would be a crucial aspect of blockchain

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