Munchables Developers Restores $62.5m Ether Stolen Fund

Munchables, a Web3 gaming platform within the Blast ecosystem, faced a security breach resulting in the theft of 17,400 ETH ($62.5 million).

After a security compromise caused by unauthorized transactions earlier today, Munchables, the Web3 gaming platform of the Blast ecosystem, saw all the money that had been transferred to a multisignature wallet returned.

One developer of the project refunded the stolen monies by sending them to a 2/3 multisignature wallet as part of the reparation process. After the creators agreed to share the keys to all of Munchables’ funds unconditionally, the transaction took place.

In this instance, the developer capitalized on the central control of the project’s smart contracts, which granted them the authority to transfer funds under their jurisdiction.

According to blockchain expert ZachXBT’s revelation earlier today, Munchables was the victim of a hack that stole 17,400 ETH, or about $62.5 million. In addition, he disclosed the location of the criminal who had the money. So far in 2024, this occurrence is among the top losses caused by security breaches.

We are keeping an eye on the movement and doing our best to block the transaction,” Munchables stated in an official notice. We will provide you with further updates as soon as we have more information.

According to ZachXBT’s findings, four of the project’s developers have ties to the attackers and might be one and the same. ZachXBT asserts that these programmers regularly support each other’s wallets by depositing funds into the same two exchange addresses and recommending each other for their respective roles.

The cryptocurrency statistics tracker DeFiLlama revealed that prior to the security compromise, Munchables had $95.62 million in total value locked (TVL).

New and Worsening Security Threats to the Blast Ecosystem

Tieshun Roquerre, best known for creating the NFT marketplace Blur, also created the Ethereum Layer 2 protocol Blast. Early adopters helped Blast amass $2.3 billion in TVL before the formal launch on Mainnet earlier this year.

The Blast ecosystem has been the target of both users and bad actors due to a number of security vulnerabilities, including this one.

The initial rug pull in the blast environment happened not long ago. An anonymous account going by the name of RiskOnBlast earned $1.3 million in ETH from investors before suddenly vanishing. The account claimed to represent a gambling and exchange platform.