A happy ending for the Munchables 🍫
Earlier today, Munchables, a GameFi project on the Blast L2, suffered the largest exploit in 2024 thus far.
Over $63M worth of funds were stolen from the protocol by a rogue developer who allegedly had ties to North Korea, according to crypto sleuth ZachXBT.
Solidity developers 0xQuit claimed that the the exploit was planned ahead of time, where one of the rogue developers upgraded the Lock contract shortly before the Munchables' launch, assigning themselves a deposited balance of 1M ETH which he could withdraw once there were enough funds in the protocol.
Given the scale of the exploit, several members of the crypto community have since called upon the Blast team to intervene by rolling back the chain.
Adam Cochran even mentioned that it would be 'on brand' for Blast to step in, citing that the network was not a 'serious decentralization chain' but rather an avenue for games and experimentation.
However, such drastic action may not be necessary as, in a startling turn of events, the Munchables team announced that the rogue developer has willingly decided to hand over the keys to all of the project's assets.
The hacker has since returned the $63M, along with keys containing other remaining funds at risk, to a multisig wallet secured by Blast core contributors, which now holds $97M worth of assets.
Editor's Take:
An unconditional surrender is rare in most crypto exploits, which makes us question the hacker's true motives. On the topic of rolling back the chain, that might not be the right way to go. Users should understand the risks that come from interacting with DeFi protocols. If they get a free pass, it will only encourage riskier actions, with much more devastating consequences and potentially no recourse, in contrast to what we've seen today.
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