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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

    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.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain12 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 12 of 15 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-5

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

    last updated: 9/16/2026, 12:50:16 AM

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