KEY POINTS
Munchables, a GameFi application centered on Blast-based gameplay and featuring non-fungible token (NFT) creatures, experienced a swift resolution as the hacker returned the pilfered $62 million within a mere 10-hour timeframe.
On March 26, Munchables took to X (Twitter) to report the breach, disclosing that the project had fallen victim to a theft amounting to 17,400 ETH, valued at over $62 million.
Acting promptly, the project started thorough investigations, aided by blockchain experts like PeckShield and ZachXBT, to trace the movements of the stolen assets.
In a post, ZachXBT revealed, “Four different developers hired by the Munchables team and connected to the exploiter are likely all the same individual.”
Subsequently, Munchables identified the perpetrator as one of its own developers, who, following negotiations, opted to return the stolen funds without any ransom demands.
“All user funds are secure, and lockdrops will not be enforced,” assured Munchables in another post.
This incident adds to the string of NFT-related breaches. Just a week ago, Charlotte Fang, CEO of Remilia Corporation, disclosed a significant security breach resulting in the loss of millions in ether and NFT assets. Last month, ZachXBT had recently successfully recovered the majority of funds stolen in another theft involving DeGods NFTs.
Despite the favorable resolutions of these incidents, concerns persist over the escalating frequency of NFT-related hacking activities. While holders are urged to employ robust security measures to safeguard their NFTs, hackers continue to refine their tactics, underscoring the need for enhanced security measures.
This growing threat has prompted governmental interventions in some regions, exemplified by China’s declaration of NFT theft as a crime in an official statement issued in November 2023.
