An attack on NFT Marketplace Vulcan Forged, which saw more than 4.5 Million PYR stolen, sent the token price spiralling on Monday.
Forged Vulcan’s native PYR token lost a third of its value after the NFT marketplace revealed hackers had made off with around $100 million worth of tokens. Vulcan Forged promised to replace the PYR tokens from funds held in its treasury and pledged to move to a centralized wallet setup. Furthermore, the team said it has provided exchanges with the rogue wallet address and hopes to identify a suspect soon.
PYR Price Battered
The Vulcan Forged Price reacted immediately to the news, as you would expect. The SPY token lost more than 30% intraday before bouncing to $24.00 (-18%). However, despite the rebound, selling pressure may resume when US traders emerge later today.
The most significant danger for longs is if the price breaks below the December 4th low of $16.30. In that event, an extension towards $10.00 looks possible.
On that basis, my advice to those thinking of buying PYR tokens is to sit tight until the current situation is resolved.
Vulcan Forged Price Chart (daily)
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