News Report Technology
March 27, 2024

Blast Ecosystem’s Munchables Retrieves $62 Million from Developer Post Security Breach

In Brief

Munchables witnessed the return of all the funds siphoned to a multisig wallet after encountering a security breach earlier today.

Blast Ecosystem's Munchables Retrieves $62 Million from Developer Post Security Breach

Blast ecosystem’s Web3 gaming platform, Munchables, witnessed the return of all the funds siphoned to a multisig wallet after encountering a security breach caused by unauthorized transactions earlier today.

In the act of restitution, one of the project’s developers returned the stolen funds, transferring them back to a 2/3 multisig wallet. The transaction occurred following the developers’ agreement to unconditionally share the keys to all Munchables funds.

Centralized control within the project’s smart contracts had provided the mentioned developer with the capability to transfer funds under their control, which was exploited in this instance.

Earlier this morning, blockchain sleuth ZachXBT reported that Munchables experienced an attack resulting in the theft of 17,400 in ETH, valued at approximately $62.5 million. He further revealed the address of the perpetrator holding the funds. This incident represented one of the largest losses due to a security breach recorded in 2024 thus far.

In response, Munchables made an official announcement, saying, “We are monitoring the movement and endeavoring to obstruct the transaction. Further updates will be provided as soon as additional information becomes available.”

After investigation, ZachXBT reported that four developers employed by the project were found to have connections to the attackers and may potentially be the same person. According to him, these developers have mutually recommended each other for their roles and have been observed making regular payments to the same two exchange deposit addresses to support each other’s wallets.

Before the security breach, Munchables held $95.62 million in total value locked (TVL), as reported by the cryptocurrency data tracker DeFiLlama.

Keep track of cryptocurrency distributions in our Airdrops Calendar.

Blast Ecosystem Faces Escalating Security Challenges

Blast is an Ethereum Layer 2 protocol established by Tieshun Roquerre, also known for founding the non-fungible token (NFT) marketplace Blur. Before its official launch on mainnet earlier this year, early access users contributed to Blast accumulating $2.3 billion in TVL.

This incident follows several other security breaches associated with the Blast ecosystem, which has been drawing significant attention from both users and malicious actors.

Recently, the Blast ecosystem experienced its first rug pull event. RiskOnBlast, an anonymous account purportedly representing a gambling and exchange platform, raised $1.3 million in ETH from investors before disappearing abruptly.

Disclaimer

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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