After experiencing a loss of approximately $62.5 million due to a rogue developer, Munchables, a nonfungible token (NFT) game, has taken steps to prevent such incidents from happening again.

In late March, a hacker, who was later identified as a developer, stole nearly 17,400 Ether from Munchables, an Ethereum-based NFT game. Fortunately, the situation was resolved when the developer returned the stolen funds without any ransom demands.

Following this incident, Munchables has announced that it is enhancing the security of its project’s funds and smart contracts to prevent future breaches. The team has made several changes, including:

  • Adding investment company Manifold Trading, market maker Selini Capital, and blockchain investigator ZachXBT as new multisig signers to ensure the safety of users’ assets.
  • Engaging developers from Manifold Trading and Selini Capital to re-audit and upgrade contracts, as well as oversee future hiring processes.
  • Planning a thorough audit of the revised contracts by Ethereum infrastructure firm Nethermind before relaunching the game.

Once the game is back online, returning players can expect higher rewards, and the platform has committed to providing financial support to those involved in the recovery efforts.

Additionally, Munchables has advised users not to contact any websites for refunds, as refunds will be sent directly to their wallets. According to PeckShield, a blockchain security service, there were approximately $100 million in digital asset thefts in March alone.

Despite the increase in hacking incidents in the cryptocurrency space, the recovery rate stands at 52.8%. The Munchables incident is among the top five security events in terms of lost value, alongside the Curio hack, Prisma Finance incident, NFPrompt hack, and WOOFi attack.

While losses in March decreased compared to February, they still exceeded those in January. PeckShield reported losses of $182.5 million in January, $187 million in March, and numerous hacking incidents in between.

For more insights into the latest cryptocurrency news and security threats, continue browsing Global Crypto News.

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