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Munchables recovers all funds from Exploiter, refunds underway

The recovery of the funds may be the result of the company’s intensive efforts and cooperation with relevant law enforcement agencies or investors, demonstrating Munchables’ determination to protect its interests

Date: 2024-03-27 Author: Marek Stiller
Munchables recovers all funds from Exploiter, refunds underway

Munchables has successfully recovered funds previously lost as a result of the exploit and has proceeded with procedures to return funds to affected users.

According to the latest social media update published by Munchables, the web3 gaming platform has fully recovered the lost funds after the exploit voluntarily returned them.

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Munchables loses $62.5 million to exploits

The incident occurred when an exploit took advantage of a vulnerability in the game’s contract system. The breach enabled the unauthorized withdrawal of some 17,414 ETH, equivalent to nearly $62.5 million.

ZachXBT discovered that the four addresses Munchables shared were related, suggesting they may be the same people. He stated that “four different programmers employed by the Munchables team and linked to the exploit are likely the same person.”

He further noted that these developers often moved money to identical stock deposit addresses. ZachXBT informed the community of these activities by posting the exploit on the GitHub user list.

A vulnerability in the platform’s smart contract allowed a developer to assign an artificially inflated balance to his account. The former programmer was able to avoid the standard transaction validation process by controlling the ability to update.

A refund is underway for affected users

“The$97 million was secured in a multisig by Blast’s main contributors,” – Blast founder and Blur co-founder Tieshun “Pacman” Roquerre said. “It’s gotten incredible in the background, but I’m grateful that the former Munchables creator finally decided to return all the funds without a ransom demand.”

In response to Roquerre’s post, Munchables said, “All user funds are safe, blockchain will not be enforced, all rewards related to explosions will also be distributed.”

The platform complied with the refund plan, saying that users holding Ethereum were allocated a compensatory treasury pool to start claiming their deposits.

“Connect your wallet and complete the verification process… All users must re-claim their deposited funds within the next 48 hours,” the company said – Munchables said. “No panic.”

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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