$Munchables Mined for $62 Million in Ether, Linked to North Korean Fraud Group Member
Blockchain data shows that the Web3 Munchables project was drained of approximately $62.5 million worth of ether (ETH) early Wednesday after a contract was maliciously manipulated.
Munchables said on X that it is monitoring the movements and trying to stop the transactions. The project is based on the relatively new Blast blockchain, allowing users to purchase and develop traits for digital pets in exchange for tokenized rewards.
The attacker appears to have personally transferred users' stored funds before upgrading the platform's smart contract.
Blockchain detective ZachXBT said the attacker was likely from North Korea, based on their GitHub commit activity. They are listed on GitHub as âWerewolves0493â and are believed to have worked for the Munchables group.
Not even kidding, it's a clown pic.twitter.com/V0Cg4st91t
â ZachXBT (@zachxbt) March 26, 2024
According to a United Nations Security Council report earlier this month, North Korean hacking groups have stolen an estimated $3 billion worth of various tokens since 2017.
Meanwhile, some cryptocurrency developers and traders have called for chain restoration to help recover funds.
Blockchain rollback, also known as blockchain reorganization (short for reorganization), reverses a series of confirmed transactions. This is often done to undo the effects of a hack or other malicious activity that resulted in the theft of money or other assets.
