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Munchables revamps security measures following $63 million robbery

In this post:

  • Munchables beefed up security after a $63 million theft, adding new signers and auditing contracts to protect user funds.
  • Strategic partnerships with industry leaders and enhanced smart contract scrutiny aim to prevent future breaches.
  • Users warned against fraudulent refund claims as Munchables pledges financial support to recovery efforts.

Ethereum-based NFT game Munchables implements robust security upgrades and strategic partnerships to safeguard user funds and prevent future breaches.

Security overhaul and strategic partnerships

In response to a recent breach that nearly cost the platform $63 million, Munchables, the Ethereum-based NFT game, has initiated a comprehensive security overhaul. The company has taken swift action to fortify its defenses against potential threats and bolster user confidence in the platform’s integrity.

One of the key measures implemented by Munchables is the addition of new signers to its multi-sig, a move aimed at ensuring the safekeeping of users’ funds. Investment firm Manifold Trading, market maker Selini Capital, and blockchain investigator ZachXBT have been brought on board as multi-sig signers tasked with overseeing transactions and preventing unauthorized access to funds.

Smart contract reauditing and dev hiring process

Recognizing the critical importance of secure smart contracts, Munchables has enlisted the expertise of developers from Manifold Trading and Selini Capital to reaudit and upgrade its contract infrastructure. 

This rigorous examination aims to identify and rectify any vulnerabilities malicious actors could exploit. Additionally, these developers will be pivotal in overseeing Munchables’ developer hiring process, ensuring that only qualified and trustworthy individuals are recruited to the team.

To further enhance its security posture, Munchables has partnered with Ethereum infrastructure firm Nethermind to conduct additional audits of its refreshed smart contracts. This collaboration underscores Munchables’ commitment to implementing best practices in security and risk management, leveraging the expertise of industry-leading professionals to safeguard user assets.

As part of its efforts to regain user trust and loyalty, Munchables has announced several initiatives to reward returning gamers and demonstrate appreciation for the entities involved in the recovery process. Returning gamers will now be eligible for higher rewards within the game, incentivizing continued engagement with the platform. 

Additionally, Munchables has pledged financial support to the partners and individuals who played a crucial role in the recovery process, underscoring its commitment to transparency and accountability.

Warning against fraudulent refund claims

In light of the recent breach and subsequent recovery efforts, Munchables has warned its users about fraudulent refund claims. The company advises users to exercise caution and refrain from interacting with unauthorized websites or third-party platforms claiming to facilitate refunds. Instead, Munchables assures users that refunds will be distributed directly to their wallets, ensuring the security and integrity of the reimbursement process.

The security incident at Munchables is one among several high-profile breaches that have plagued the crypto ecosystem recently. According to blockchain security firm PeckShield, March alone witnessed nearly $100 million in digital assets stolen across over 30 hacking incidents. Despite the alarming frequency of these breaches, there is a glimmer of hope, as evidenced by the fact that over 52.8% of the hacked funds were eventually returned to their rightful owners.

In the wake of a near-catastrophic security breach, Munchables has demonstrated resilience and determination to fortify its defenses and safeguard user funds. Through strategic partnerships, enhanced security measures, and a steadfast commitment to transparency, Munchables aims to emerge stronger and more resilient, setting a new standard for security within the rapidly evolving landscape of blockchain gaming.

Disclaimer. This is a Corporate press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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