The teams of Polygon-based Play to Earn gaming heavyweight, Vulcan Forged, and security protocol, Lossless Protocol, are pleased to announce the relaunch of the newly improved Vulcan Forged PYR tokens. The newly relaunched PYR tokens portray Vulcan’s commitment to protecting its users from future actions of malicious actors.
This launch comes on the back of a recent hack that occurred on December 13th, 2021. Hackers made away with 4.5 million PYR tokens worth USD 140 million from My Forge, Vulcan’s native wallet service that enables users to trade and store tokens. The news of the hack and accompanying market factors brought Vulcan Forge’s pre-hack market cap of USD 617 million down to USD 349 million as of the time of penning down this article.
Despite the loss and chaos caused by the hack, Vulcan Forge assessed the situation and considered the vulnerabilities and security upgrade possible within its ecosystem. With the insight provided, Vulcan Forged moved swiftly in partnering with credible security experts and protocols, and among them was Lossless. Lossless advised the team of Vulcan Forged on how to handle the hack situation and how to relaunch their token.
The Lossless Protocol will be integrated into the $PYR token by Vulcan Forged's new development team and Lossless partners - NonceBlox.
Lossless is the world’s first DeFi hack mitigation tool for token creators. They make tokens nearly impossible to hack by involving the community in its already impressive cybersecurity solutions and professionals’ assemblage. Lossless rewards community members for every hack and fraudulent transaction detected, which prompts the discovery of innovative ways to identify fraudulent acts and hacks.
Seeing how seamlessly Lossless fits into their desired security model, Vulcan Forge will relaunch the PYR tokens but built-in Lossless Protocol. Vulcan Forge’s tokens will hit new heights of security and obtain near impregnable status with Lossless Core Protocol launching in the first quarter of 2022.
Lossless is the world’s first DeFi hack mitigation tool for token creators. Apart from our known cyber security solutions and renowned professionals, the community also plays a role. With a tangible reward system, community members are also encouraged to explore new ways to detect hacks and fraudulent transactions.
Our protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner. Our solutions to the impending problems of cyber theft within the blockchain space are thorough and applicable within many protocols.