Munchables Targeted in $62M Exploit; Actor Linked to North Korea Returns Private Keys to Web 3 Firm

Munchables Targeted in $62M Exploit; Actor Linked to North Korea Returns Private Keys to Web 3 Firm

Web 3
March 27, 2024 by Diana Ambolis
222
Calls for Controversial Chain Rollback Emerge in Crypto (Web 3) Community as Effort to Retrieve Funds Intensifies According to blockchain data, the Web3 project Munchables encountered a substantial loss of approximately $62.5 million worth of ether (ETH) on Wednesday, following the malicious manipulation of a contract. Munchables revealed on X that the developer behind the
Web 3

Calls for Controversial Chain Rollback Emerge in Crypto (Web 3) Community as Effort to Retrieve Funds Intensifies

According to blockchain data, the Web3 project Munchables encountered a substantial loss of approximately $62.5 million worth of ether (ETH) on Wednesday, following the malicious manipulation of a contract.

Munchables revealed on X that the developer behind the exploit had cooperated by disclosing all private keys necessary for the fund recovery process.

The attacker reportedly redirected users’ funds to their own account prior to upgrading the platform’s smart contracts. ZachXBT, a blockchain investigator, suggested that the attacker, identified as “Werewolves0493” on GitHub, likely has ties to North Korea, based on their GitHub activity. Allegedly, this individual had previous involvement with the Munchables team.

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According to a recent UN Security Council report, North Korean hacking groups have pilfered an estimated $3 billion worth of various tokens since 2017.

In response to the incident, several crypto developers and traders advocated for a chain rollback as a means to recover the funds. A blockchain rollback involves reversing a sequence of confirmed transactions, often implemented to mitigate the impact of a hack or other malicious activities resulting in asset theft.