Home Blockchain ZachXBT Joins as Custodian for Multisig Wallet Holding Munchables’ Hacked Funds

ZachXBT Joins as Custodian for Multisig Wallet Holding Munchables’ Hacked Funds

ZachXBT Joins as Custodian for Multisig Wallet Holding Munchables’ Hacked Funds

Hassan Shittu

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| 2 min read

ZachXBT Joins as Custodian for Multisig Wallet Holding Munchables' Hacked Funds

In a recent development, renowned blockchain investigator ZachXBT has been appointed one of four custodians for a multisig wallet holding the hacked user funds of the GameFi protocol Munchables.

Announced on April 1 by Munchables developers, ZachXBT will serve as the fourth signer on the multisig wallet, alongside existing custodians Manifold Trading, Selini Capital, and Munchables themselves.

The involvement of ZachXBT, known for his expertise in tracing blockchain transactions and identifying potential security vulnerabilities, adds a layer of trust and expertise to the funds’ custodianship.

Munchables Implements Enhanced Security Measures After $63 Million Exploit

Following a significant security breach that resulted in nearly $63 million being lost and later recovered, the nonfungible token (NFT) game Munchables has outlined a comprehensive plan to prevent such incidents in the future.

The exploit, which occurred on March 26, involved a rogue in-house developer known as “Werewolves0493,” who compromised the game’s private wallets on the Ethereum layer-2 network Blast. After an analysis by ZachXBT, it was revealed that the exploiter was impersonating multiple developers within the Munchables team.

Fortunately, the situation was de-escalated when the developer returned the stolen funds without demanding a ransom. However, Munchables is taking proactive steps to enhance its security measures and also to return the hacked users funds.

One key strategy is adding new multisignature signers, including investment firm Manifold Trading, market maker Selini Capital, and blockchain investigator ZachXBT. These signers will ensure the safe return of users’ funds and oversee the project’s security upgrades.

Furthermore, Munchables developers from Manifold Trading and Selini Capital will conduct reaudits and upgrade to new contracts, in addition to overseeing the hiring process for developers in the future. The Ethereum infrastructure firm Nethermind will also thoroughly audit the refreshed contracts before Munchables resumes operations.

ZachXBT confirmed his temporary role as a multisig signer in response to his nomination and expressed support for the team’s approach to rotating signers as needed for security purposes.

Munchables Relaunches with Enhanced Rewards and Financial Support for Recovery Efforts

As Munchables prepares for its relaunch following a significant security breach, the platform has announced several initiatives to incentivize returning gamers and support entities involved in the recovery process.

Returning gamers will be eligible for higher rewards in the game, with developers teasing “massive multiples on game rewards” for depositors who return. Additionally, the platform has pledged financial support to those involved in the recovery process, stating, “We will send ETH and future MUNCH donations to those who were involved in keeping our users safe.”

Furthermore, custodians and users who helped thwart the attack will receive ETH and future MUNCH donations for their assistance in asset recovery.

In addition to these initiatives, Munchables plans to re-release with NFT migration plans and additional features that will be revealed soon. The platform aims to enhance user experience and ensure a secure environment for its community of gamers.

In expressing their appreciation, the company quoted Confucius, emphasizing the value of seizing opportunities and making the most of life’s experiences: “We have two lives to munch, and the second begins when we realize we only have one.”

As a precaution, Munchables has warned users against interacting with websites claiming to offer refunds, as the company will directly send refunds to users’ wallets. This proactive approach aims to ensure a smooth and secure transition for users as they return to the platform.

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