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As the evolution of new technologies is coming into existence, so are the ways to victimize people and commit fraud. Munchables, a popular Web3 platform, lost millions in a security breach on Tuesday, March 27, 2024.
Munchables, a Web3 gaming platform that lost $62.5 Million, is an exploit; the ecosystem is based on Blast Network.
A company unveiling rug pulls in the market has identified the theft and tracked the wallet address. The firm informs that the tracked wallet held $17,411 in Ethereum.
The available information states that an existing employee carried out the theft over the Munchables. However, the firm did not confirm the involvement of any employee.
“All user funds are safe,” Munchables stated, adding that it will provide further updates in the coming days.
All user funds are safe, lockdrops will not be enforced, all blast related rewards will be distributed as well. Updates to follow in the coming days. https://t.co/ZukNfTFTWf
— Munchables (@_munchables_) March 27, 2024
Timeline
Munchables have been compromised. We are tracking movements and attempting to stop the transactions. We will update you as soon as we know more; the company posted the information on the morning of March 27, 2024.
Munchables has been compromised. We are tracking movements and attempting to stop the the transactions. We will update as soon as we know more.
— Munchables (@_munchables_) March 26, 2024
Following the post of Munchables, ZachXBT’ X’ account posted the wallet address and its balance: “Exploiter address:0x6e8836f050a315611208a5cd7e228701563d09c5 Balance:17.4K ETH ($62.5M).”
In its post public on 10:10, March 27, the community said, “The Munchables developer has agreed to share the keys for the full Munchables funds without any condition.”
At 11:05 am, it wrote, “The Munchables developer has shared all private keys involved to assist in recovering the user funds. Specifically, the key holds $62,535,441.24, the key holds 73 WETH, and the owner key contains the rest of the funds.”
Crypto Scams and Frauds
As per a report by Chainalysis, the revenue of scammers and fraudsters slipped significantly in 2023. The total income from illegal activities slips 29.2% and 54.3%, respectively.
The usage of cryptocurrencies has surged significantly by scammers; some government agencies also claim that it is used as a modern ‘hawala’.
Sanctioned entities and jurisdictions together accounted for a combined $14.9 billion transaction volume in 2023, representing 61.5% of all illicit transaction volume we measured in the year, said Chainalaysis.
Market Price Update
The market capitalization slipped 1.01% in the past 24 hours; when writing, it was $2.65 Trillion. Bitcoin (BTC), the market leader, has lost a significant price; its trading price is $70,224.
KuCoin Token is bleeding severely; there are allegations of illegal conduct on the platform. When writing, the KCS was trading at $12.05, with an intraday decline of 16.34%.
The 24-hour gainers list is led by Mantle (MNT) as its price grew 40.14%, Sui (SUI) 14.35%, Fetch.ai (FET) 11.54%, SingularityNET (AGIX) 9.36%, Litecoin (LTC) 6.75% and Beam (BEAM) 5.82%.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.