Play-to-earn NFT platform Vulcan Forged has refunded $140 million worth of PYR tokens to nearly all investors a day after it was hacked, CoinDesk reported. PYR is a native token of the platform, which runs on Polygon and offers a decentralized exchange, more than six blockchain games, and a non-fungible token (NFT) marketplace.
All wallets on platform have been secured
The developers tweeted that all My Forge wallets have been secured and just several need PYR back. They added that they would conduct a token burn and buyback in the next few days. These mechanisms are used to buy tokens on the open market and send them to a ‘burn’ address.
According to the tweet on December 13:
The majority of PYR has been refunded to affected wallets from the VF treasury. We have isolated the tokens stolen from all CEX exchanges. We are working to identify footprints. A 100% decentralized solution was perhaps the ray of light in this. All dev carries on.
Funds in Vulcan Forged’s treasury were used to refund holders. Refunds were made in PYR and the other native token, LAVA. They began on Monday night and continue.
PYR lost more than a third of value
PYR tokens fell by 34% on Monday after the hack. Hackers stole almost 10% of total supply or 4.5 million PYR, equivalent to $140 million at current exchange rates. Small amounts of ether and polygon were stolen as well.
Almost 100 private keys hacked
Hackers accessed 96 private keys. They belonged to some of the biggest investors in the platform.
PYR price prediction
Despite the loss, Wallet Investor forecasts the PYR price can go up to $67.50 in one year. This comes to profit of 213% in just 12 months if you buy PYR now. In 2026, they predict 1 PYR will cost a whopping $246.
About Vulcan Forged
Vulcan Forged is a blockchain game studio and NFT marketplace. They are the makers of VulcanVerse. PYR is the native utility token that is used for fees for marketplace settlement, staking in VulcanVerse land and other assets, upgrading and sustaining game asset levels, play-to-earn rewards, and access to the game developers and NFT dapp incubation program.
Vulcan Forged Platforms and games include VulcanVerse, a Grece-Roman fantasy metaverse made up of 10,000 plots of land; Anvil, a crypto-less and gas-free NFT engine for easy game and dApp onboarding, and Vulcan Market, a gas free NFT marketplace for all Vulcan Forged games among others.
