Munchables Reworks MultiSig, Contracts, and Dave Hiring After $68 Million Theft
Days after virtual token (NFT) game Munchables went missing, costing an in-house developer nearly $63 million, the platform says it plans to avoid making the same mistake.
On March 26, Munchables, an Ethereum-based NFT game, had more than 17,400 Ether (ETH) stolen from a hacker, who was later identified as the developer of Munchables. The situation worsened soon after the developer decided to return the stolen money without demanding a ransom.
While Munchables narrowly escaped an eye-popping loss, the developer has announced that it is now implementing a number of changes to “improve the security of the project's funds and smart contracts.”
One of the strategies is onboarding investment firm Maniford Trading, market maker Cellini Capital and blockchain explorer ZachXBT as a new multi-sig signer to ensure the safe return of users' funds.
Munchables has announced that developers from Maniford Trading and Cellini Capital will re-audit and upgrade to new contracts and oversee the Munchables division's hiring process going forward.
Ethereum infrastructure firm Nethermind Munchables is set to further audit renewed contracts before relaunching.
Players who return after the restart will be eligible for higher rewards in the game. The platform has pledged to provide financial support to those involved in the recovery process.
“Finally, we will send ETH and future MUNCH donations to those involved in the recovery process to keep our users safe.”
The company has warned users not to interact with websites as it will send the refund directly to their wallets.
Related: Andreessen Horowitz to invest $30M in tech-fueled gaming startup
In March, nearly $100 million in digital assets were stolen, according to blockchain security firm PeckShield.
The crypto ecosystem saw more than 30 hacking incidents that saw $187 million lost in the month alone. On the bright side, 52.8% of stolen funds were recovered.
The top five safety issues in terms of lost value include the Munchables incident. The Curio hack, the Prisma Finance incident, the NFPrompt hack and the WOOFi exploit also made it to the list.
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