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Vulcan Forged

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[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]
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Summary

Vulcan Forged is a UK-based blockchain gaming studio and NFT marketplace operating on Polygon and its own Elysium Layer-1 blockchain, best known for VulcanVerse and its native PYR token. In December 2021 the platform suffered one of the largest gaming-sector hacks on record: an attacker exploited Vulcan Forged's servers to extract private keys from 96 semi-custodial wallets, stealing approximately 4.5 million PYR tokens then valued at roughly $140 million. The platform subsequently refunded affected users from its treasury and pledged to migrate to non-custodial wallets, but the incident exposed fundamental centralization and custodial risks in its architecture.

Connected Entities

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□Vulcan Forged
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    Timeline(14 events)

    2019-01-01

    Vulcan Forged founded by Jamie Thomson as a small NFT art site, initially with two employees.

    2021-05-14

    Vulcan Forged listed on CertiK Skynet for security monitoring.

    2021-11-30

    PYR token reaches all-time high of approximately $41.72.

    2021-12-12

    Attacker exploits Vulcan Forged servers, obtains Venly credentials, and extracts private keys from 96 MyForge semi-custodial wallets. Approximately 4.5 million PYR (~$140M), ETH, and MATIC are stolen. Venly confirms all export calls originated from Vulcan Forged's own IP address.

    2021-12-13

    Vulcan Forged publicly discloses the hack. CEO Jamie Thomson confirms the server exploit. PYR drops over 30% within 24 hours, market cap falls from ~$612M to ~$397M.

    2021-12-14

    Vulcan Forged refunds affected users with PYR and LAVA from the project treasury within approximately 24 hours of disclosure. Platform announces transition to non-custodial wallets.

    2022-01-28

    Elysium blockchain testnet launched, described as 'the blockchain for Metaverses.'

    2022-09-21

    Vulcan Forged raises $8 million in a Series A funding round led by SkyBridge Capital, with an option for an additional $33 million.

    2023-02-10

    CertiK completes a second audit of Vulcan Forged smart contracts, finding zero critical or high-severity findings in the reviewed code. Only 27.49% of codebase covered.

    2023-03-06

    New Elysium blockchain LAVA token airdropped to wallets following a snapshot from March 1, 2023.

    2024-03-01

    PYR reaches secondary high of approximately $10.79 during broader crypto market recovery.

    2025-06-01

    PYR declines to approximately $0.78, representing a greater than 98% decline from all-time high.

    2025-11-25

    KuCoin removes margin trading access for PYR.

    2026-05-01

    PYR trading at approximately $0.26, down over 99% from all-time high. Vulcan Forged main website shows 'Coming Soon' page.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chainsrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.

    full audit log →version history →

    model: claude-sonnet-4-5

    generated: 5/4/2026, 2:54:52 AM

    last updated: 5/25/2026, 6:20:06 PM

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