Non-fungible token (NFT) game Munchables recently experienced a loss of funds that were later recovered due to an internal behavioral issue, prompting the platform to implement strict security measures. This article explores the actions Munchables took to improve its security infrastructure and regain user trust following the $68 million theft.
Security Breach: Loss and Recovery
Munchables reacted quickly after a developer was stolen with millions in ether. The possible significant financial losses to the platform were offset by the subsequent return of funds by the developers. However, Munchables recognizes the need for comprehensive protective measures and has implemented a series of measures to prevent a similar incident from happening again.
Munchables changes the way it recruits developers, smart contract audits, and multi-signature protocols in an attempt to improve security. To improve control and accountability, the platform has added new signers to its multi-signature wallet, including blockchain investigators ZachXBT, Selini Capital, and Manifold Trading.
Rebuilding trust and support: Strengthening community engagement
Munchables recruited developers from Manifold Trading and Selini Capital to conduct extensive audits and make required updates to ensure the integrity of its smart contracts. The fact that Ethereum infrastructure company Nethermind plans to conduct additional audits before the platform resumes operations confirms Munchables’ commitment to strong security procedures.
Despite the incident, the Munchables remains committed to its network; it continues to provide better incentives for returning players and funds for organizations assisting in recovery. The platform highlighted its process for direct refunds to consumer wallets and issued important recommendations for connecting with authorized refund sites.
Industry overview
The Munchables incident is a window into more widespread security issues facing the cryptocurrency industry. The Munchables incident highlights the need for more monitoring and proactive security measures across the industry, as blockchain security company PeckShield reports a significant increase in digital asset thefts.
Following the security breach, Munchables is taking a proactive approach to improve defenses and regain the trust of its users. The platform aims to become stronger and more flexible in the dynamic Web3 gaming industry by implementing strong security measures, increasing transparency and providing assistance to affected parties.
