Munchables Beefs Up Security After Near-Catastrophic $62.5M Hack

Following a high-profile theft of $62.5 million, NFT game Munchables has announced comprehensive security upgrades to prevent future incidents. The game, which was hacked by an in-house developer, is implementing new multisig signers, including Manifold Trading, Selini Capital, and ZachXBT, to enhance the security of user funds.

Munchables Implements Sweeping Security Upgrades After Near-Catastrophic Hack

Nonfungible token (NFT) game Munchables has announced comprehensive security enhancements to prevent a recurrence of the recent hack that resulted in the loss and subsequent recovery of approximately $62.5 million.

On March 26th, the Ethereum-based Munchables game fell victim to a devastating attack orchestrated by an in-house developer who absconded with 17,400 Ether. The situation was subsequently defused when the developer agreed to return the stolen funds without any ransom demands.

"We're on the final steps with the lockdrop refunds," Munchables announced in a statement. "As part of our next phase, we have restructured the team completely and brought in established and trusted entities to help upgrade the security of the project's funds and smart contracts."

Among these new safeguards is the addition of Manifold Trading (investment company), Selini Capital (market maker), and blockchain investigator ZachXBT as multisig signers to ensure the secure return of users' assets. Munchables stated that developers from Manifold Trading and Selini Capital will conduct a thorough audit, upgrade contracts to more secure versions, and monitor the game's future development hiring processes.

Additionally, Nethermind, an Ethereum infrastructure firm, will perform an independent audit of the revised contracts before Munchables resumes operations. The platform has also announced enhanced rewards for returning players and financial assistance for individuals who contributed to the recovery efforts.

"Finally, we will send ETH and future MUNCH donations to those who were involved in the recovery process of keeping our users safe," the Munchables team declared.

The Munchables hack ranks among the most significant security breaches in the cryptocurrency industry in terms of lost value, alongside events such as the Curio hack, the Prisma Finance incident, the NFPrompt hack, and the WOOFi attack. According to blockchain security service PeckShield, approximately $100 million in digital assets were stolen in March alone, with over 30 hacking incidents reported within the cryptocurrency ecosystem, resulting in losses of $187 million. However, it is noteworthy that 52.8% of the compromised funds were successfully recovered.

Munchables has urged users to be wary of any suspicious websites soliciting refund requests, as refunds will be directly distributed to their wallets.