STORY HIGHLIGHTS
- John Deaton, a pro-XRP lawyer, considers challenging Senator Elizabeth Warren.
- Deaton’s campaign could spotlight the crypto regulation debate.
- Republicans see an opportunity in Deaton’s potential candidacy.
Coinbase swiftly responded to a massive security breach by pausing all trading of PlayDapp tokens. The breach allowed hackers to create 200 million PLA tokens, leading to an estimated loss of $31 million. This action reflects Coinbase’s commitment to security and its proactive measures to protect its users.
The platform’s decision affects services across Coinbase.com, Coinbase Prime, Advanced Trade, and Coinbase Exchange. It underscores the gravity of the situation and Coinbase’s dedication to maintaining a secure trading environment.
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Coinbase Tweet
In light of recent updates involving the use of "Pause" functionality on the PlayDapp (PLA) smart contract, we have suspended trading and transfers of PLA across https://t.co/CD3RBjtMAO, Coinbase Prime, Advanced Trade and Coinbase Exchange.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) February 14, 2024
In an attempt to mitigate the damage, PlayDapp reached out to the hacker with a unique proposal. They offered a $1 million reward for the return of the stolen assets and hinted at possible legal repercussions, including FBI involvement.
“We have contacted the hacker directly through an on-chain message and made an offer for a reward for the immediate return of all stolen contracts and assets.”
PlayDapp
The saga worsened when an additional 1.59 billion PLA tokens were minted, further complicating the situation with their value pegged at $253.9 million. This bold move by the hacker significantly challenges their ability to liquidate without detection.
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[Notice: PlayDapp Mitigates Secondary Attack]
There was a malicious secondary attack involving the additional minting of 1.59 billion PLA tokens. (1/3)— PlayDapp (@playdapp_io) February 13, 2024
Following the breach, the value of PLA tokens plummeted, showcasing the immediate financial impact of such security threats. Despite the drop in value, trading volumes surged, highlighting the crypto community’s heightened interest and concern over the breach.
Coinbase’s handling of the PlayDapp breach sends a strong message about the importance of security within the crypto space. It serves as a critical reminder to investors and platforms alike about the ongoing challenges and the need for vigilance in protecting digital assets.
