Blockchain analytics firm Elliptic says the crypto gaming platform PlayDapp (PLA) lost $290 million worth of crypto assets as a result of security breaches this month.
Elliptic says the first breach, suspected to involve a private key leak, happened on February 9th. An unauthorized wallet minted 200 million PLA tokens worth $36.5 million at the time.
PlayDapp sought to recover the stolen funds by offering a white hat reward of $1 million in exchange for the return of the assets by February 13th. In a message sent to the hackers on-chain, PlayDapp said it would release the amount as a bounty if they failed to act on the deadline.
On February 12th, the hackers again minted an additional 1.59 billion PLA tokens, then worth $253.9 million.
Elliptic says the hackers have started laundering the tokens, sending them to exchanges and other accounts, albeit the assets are now worth less than their value at the time of the breach.
“Before the breaches, the total circulating supply of PLA token
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