Following the recent incident where the nonfungible token (NFT) game Munchables lost and recovered almost $63 million from an internal developer, the platform has unveiled a plan to prevent similar occurrences in the future.
On March 26, Munchables, an Ethereum-based NFT game, fell victim to a hacker who stole over 17,400 Ether (ETH). It was later discovered that the perpetrator was a Munchables developer. Fortunately, the situation was resolved when the developer returned the stolen funds without demanding a ransom.
To bolster the security of the project’s funds and smart contracts, Munchables has implemented several changes. These include partnering with investment firm Manifold Trading, market maker Selini Capital, and blockchain investigator ZachXBT as new multisig signers. Their role is to ensure the safe return of users’ funds. Additionally, developers from Manifold Trading and Selini Capital will conduct reaudits, upgrade contracts, and oversee Munchables’ future hiring process for developers. The refreshed contracts will also be audited by Ethereum infrastructure firm Nethermind before Munchables relaunches.
Upon its relaunch, Munchables will reward returning gamers with higher rewards in the game. The platform has also committed to providing financial support to the entities involved in the recovery process. Users are advised against interacting with websites claiming to offer refunds, as Munchables will deliver refunds directly to their wallets.
According to blockchain security firm PeckShield, the month of March witnessed approximately $100 million in digital asset theft. During this period, there were over 30 hacking incidents, resulting in $187 million in lost funds. Encouragingly, 52.8% of the hacked funds were returned. The top five security incidents in terms of value lost include the Munchables incident, along with the Curio hack, Prisma Finance incident, NFPrompt hack, and WOOFi exploit.
In other news, the Crypto’s Artificial Superintelligence Alliance is focused on developing “good” artificial general intelligence (AGI) that prioritizes safety. The alliance aims to prevent any potential harm caused by AGI technology.