In a significant update within the blockchain community, it has been disclosed that ZachXBT, a distinguished figure in the realm of blockchain investigations, has been designated as one of the four custodians tasked with overseeing a multisig wallet. This particular wallet holds the funds that were compromised during the security breach involving the GameFi platform Munchables.
The announcement, made public on April 1 by the developers of Munchables, sheds light on ZachXBT’s pivotal role as the fourth signer on the multisig wallet. This responsibility places him in a crucial position alongside the existing custodians: Manifold Trading, Selini Capital, and Munchables themselves.
This appointment signifies a concerted effort by Munchables and its stakeholders to address the aftermath of the security incident in a transparent and proactive manner. By enlisting ZachXBT’s expertise, the aim is to bolster the security and integrity of the compromised funds, ensuring that they are handled with the utmost diligence and care.
ZachXBT’s reputation as a seasoned blockchain investigator adds a layer of credibility to the custodial team, instilling confidence among Munchables’ user base and the broader cryptocurrency community. His involvement underscores the gravity of the situation and highlights the concerted efforts being made to rectify the aftermath of the security breach.
As one of the custodians entrusted with safeguarding the hacked funds, ZachXBT’s role extends beyond mere oversight; it encompasses a commitment to upholding the principles of accountability, transparency, and trust. Together with his fellow custodians, he will play a pivotal role in charting the course for the resolution of this challenging situation, ensuring that affected users’ interests are safeguarded to the fullest extent possible.
We’re on the final steps with the lockdrop refunds.
As part of our next phase, we have restructured the team completely.
We have brought in established and trusted entities to help upgrade the security of the project's funds and smart contracts.
— Munchables (@_munchables_) April 1, 2024
ZachXBT’s participation, renowned for his proficiency in tracking blockchain transactions and pinpointing possible security weaknesses, enhances the credibility and expertise within the custodial team responsible for overseeing the funds.
After experiencing a $63 million exploit, Munchables has put into place heightened security protocols.
After a major security breach that saw almost $63 million lost and subsequently recovered, Munchables, a non-fungible token (NFT) game, has detailed a thorough strategy to avoid similar incidents moving forward.
The breach, which took place on March 26, was perpetrated by a rogue in-house developer identified as “Werewolves0493,” who exploited the game’s private wallets on the Ethereum layer-2 network Blast. An investigation by ZachXBT uncovered that the exploiter had been impersonating multiple developers within the Munchables team.
Four different devs hired by the Munchables team and linked to the exploiter are likely all the same person as they:
>recommended each other for the job
>regularly transferred payments to the same two exchange deposit addresses >funded each others walletsGithub Username… https://t.co/Q0scxp6AxK pic.twitter.com/Pjjo4uKXPE
— ZachXBT (@zachxbt) March 27, 2024
Thankfully, the situation was defused when the developer returned the stolen funds without requesting a ransom. Nonetheless, Munchables is proactively improving its security measures and arranging for the restitution of the hacked users’ funds.
One crucial initiative involves the inclusion of additional multisignature signers, such as investment firm Manifold Trading, market maker Selini Capital, and blockchain investigator ZachXBT. These signers will guarantee the secure return of users’ funds and supervise the project’s security enhancements.
Moreover, @ZachXBT will be joining as the 4th signer on the multisig at this stage, completing the safe return of user funds.
We will also be onboarding @NethermindEth to audit all our refreshed contracts before going live again.
— Munchables (@_munchables_) April 1, 2024
Additionally, developers from Manifold Trading and Selini Capital within the Munchables team will undertake reaudits and transition to new contracts. They will also oversee the recruitment process for future developers. Furthermore, Ethereum infrastructure firm Nethermind will conduct comprehensive audits of the updated contracts before Munchables recommences its operations.
ZachXBT acknowledged his temporary position as a multisig signer following his appointment. He expressed his backing for the team’s strategy of rotating signers as necessary for security reasons.
confirming I will be temporarily joining the multisig as a signer for the initial period.
— ZachXBT (@zachxbt) April 1, 2024
With bolstered rewards and increased financial backing dedicated to recovery endeavors, Munchables makes its return to the scene.
In the wake of a notable security breach, Munchables is gearing up for its resurgence, accompanied by a slew of initiatives aimed at enticing back players and aiding stakeholders involved in the restoration endeavors.
For returning gamers, the promise of augmented rewards awaits, with developers tantalizingly hinting at “massive multiples on game rewards” for those who choose to reinvest their trust in the platform. This enticing offer not only seeks to allure players back into the fold but also serves as a gesture of appreciation for their continued support despite the recent setback.
Finally, we will send ETH and future MUNCH donations to those who were involved in the recovery process of keeping our users safe.
— Munchables (@_munchables_) April 1, 2024
Moreover, Munchables is extending its support beyond its gaming community by committing financial assistance to entities involved in the recovery process. The platform’s pledge to allocate funds, both in the form of Ethereum and future MUNCH donations, to those instrumental in safeguarding its users underscores its commitment to accountability and community welfare. This financial backing serves as a testament to Munchables’ dedication to fostering a secure and resilient ecosystem, where the well-being of its stakeholders remains paramount.
Moreover, those custodians and users who played pivotal roles in thwarting the attack will be rewarded with ETH and future MUNCH donations as a token of appreciation for their invaluable assistance in the asset recovery process.
In addition to these commendable gestures, Munchables is gearing up for its re-release with comprehensive NFT migration plans and a slew of additional features, the details of which will be unveiled in due course. With a steadfast commitment to enhancing user experience and fortifying the platform’s security infrastructure, Munchables is dedicated to providing its gaming community with a safe and enjoyable environment.
In a poignant expression of gratitude, the company drew inspiration from the wisdom of Confucius, underscoring the importance of seizing opportunities and cherishing life’s experiences: “We have two lives to munch, and the second begins when we realize we only have one.”
As a precautionary measure, Munchables has cautioned users against engaging with any websites purporting to offer refunds, reiterating that refunds will be directly deposited into users’ wallets by the company itself. This proactive stance aims to facilitate a seamless and secure transition for users as they re-engage with the platform.
read more on:Blockchain investigator ZachXBT recovers the majority of the $177K stolen from DeGods NFT funds.
