Munchables Bolsters Security Measures Following Near $63M Heist; Recruits Investment and Blockchain Experts
Summary:
Following a near loss of $63 million in an internal heist, NFT game Munchables outlines security upgrades including onboarding investment firms Manifold Trading and Selini Capital and blockchain investigator ZachXBT as multisig signers. Developers from these firms will re-audit and upgrade new contracts and supervise Munchables’ future developer hiring process. Ethereum infrastructure firm Nethermind will audit the updated contracts as well.
Just days following an attempted heist of nearly $63 million in an NFT game called Munchables, the platform asserts that it has developed a strategy to avoid repeating the same oversight. On March 26th, Munchables, an Ethereum-based NFT game, was hit by an internal heist involving an in-house developer who pilfered more than 17,400 Ether (ETH). Thankfully, the situation was appeased when the culprit chose to return the stolen assets without asking for a ransom.
Though Munchables dodged a potential financial catastrophe, it has now decided to introduce several measures to reinforce the security of its asset funds and smart contracts.
As part of the new preventative strategies, the company will bring onboard the investment firm Manifold Trading, market maker Selini Capital, and blockchain detective ZachXBT. These new participants will act as multisig signers to ensure the secure repatriation of gamers’ funds. In addition, developers from Manifold Trading and Selini Capital will audit and improve new contracts and supervise the recruitment of Munchables’ developers in the future.
On the technical side, Nethermind, an Ethereum infrastructure firm, is poised to perform an additional audit on the updated contracts before Munchables resumes operations. With its recovery, gamers who return to the platform will receive increased dividends. The platform has also committed to offering financial backing to those that took part in the restoration process.
Lastly, the company cautioned its users not to interact with websites claiming to offer refunds as Munchables will directly transfer the refunds into users' wallets.
Blockchain security company PeckShield found that digital assets theft during March nearly topped $100 million. Over that month, the crypto sphere experienced more than 30 hacking events, resulting in a loss of $187 million. However, 52.8% of the stolen funds were retrieved. Of all security breaches in terms of value, the incident at Munchables was one of the five largest. The Curio breach, the event at Prisma Finance, the NFPrompt incident, and the WOOFi attack also made the top five.
Published At
4/2/2024 9:00:32 AM
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