Web3 gaming platform Munchables loses $62.5 million in exploit: ZachXBT

Published 1 minute earlier on

The Blast-based web3 gaming platform Munchables lost over $60 million in a Tuesday exploit. 

Munchables noted on X that the platform had been compromised at 5:37 p.m. ET. Crypto sleuth ZachXBT found the exploiter’s address moments later, revealing that the address contained nearly 17,411 ETH worth $62.5 million. The exploit constitutes one of the biggest losses thus far in 2024. 

“We are tracking movements and attempting to stop the transactions,” Munchables wrote on X. “We will update as soon as we know more.”

Munchables contained $95.62 million in total value locked (TVL) as of 4:00 p.m. ET on March 26 — about an hour and a half before the platform reported its exploit, according to the crypto data tracker DeFiLlama. Its TVL fell to around $34.08 million a few hours later.

Blast is an Ethereum Layer 2 founded by Tieshun Roquerre, who also founded NFT marketplace Blur. Early access users to Blast amassed $2.3 billion in total value locked before the platform launched on Feb. 29, 2024, The Block previously reported. 

This story is developing. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

See also  NFT Sales See Week-Over-Week Decline as Market Continues to Cool

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

Source link