Vulcan Forged
Last changed 2026-10-28 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.6 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -1.6 |
| Long-running | +10 |
| Sum | 61 |
Score: 61/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-10-28 · 6 of 14 claims confirmed · 7 need better sources · 1 disputed
anchored·3LadJW…4hGeSummary
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
4 entities · 60 linked investigations- Vulcan Forged→mentioned with→Polygon(60%)
- Vulcan Forged→mentioned with→KuCoin(65%)
- Vulcan Forged→mentioned with→Lava(70%)
Connected Through
3 shared actors · 230 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Polygonorganization
- ♦KuCointoken
- □Lavaorganizationalso in
Timeline(14 events)
2019
Vulcan Forged founded by Jamie Thomson as a small NFT art site, initially with two employees.
14 May 2021
Vulcan Forged listed on CertiK Skynet for security monitoring.
30 November 2021
PYR token reaches all-time high of approximately $41.72.
12 December 2021
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.
13 December 2021
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.
14 December 2021
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.
28 January 2022
Elysium blockchain testnet launched, described as 'the blockchain for Metaverses.'
21 September 2022
Vulcan Forged raises $8 million in a Series A funding round led by SkyBridge Capital, with an option for an additional $33 million.
10 February 2023
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.
6 March 2023
New Elysium blockchain LAVA token airdropped to wallets following a snapshot from March 1, 2023.
March 2024
PYR reaches secondary high of approximately $10.79 during broader crypto market recovery.
June 2025
PYR declines to approximately $0.78, representing a greater than 98% decline from all-time high.
25 November 2025
KuCoin removes margin trading access for PYR.
May 2026
PYR trading at approximately $0.26, down over 99% from all-time high. Vulcan Forged main website shows 'Coming Soon' page.
Decision Log
- slot 462278803 · hash EMfu94dHLFbh7UdgfWjyUXpa3jcJZeR7SxBaatq2KZLS
- slot 462278798 · hash 3tofxCUz3QDHWDfSU6kSR4LzjfQQ4U7UzoajPFosztnF
- slot 455364088 · hash j8Kjghgc9jtUPrx5WRcTeziBXqCPQyp8XuePrhy2fYD
- slot 422120689 · hash 5RktzUsE5K3EtrpzSDSKaLq2HgVmNpQotwyR9bwg4abJ
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 12 of 15 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-5
generated: 5/4/2026, 2:54:52 AM
last updated: 10/28/2026, 12:46:57 AM
9 viewsavoid.net — verified advice for a post-truth world