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Published March 28, 20242 min read

Shadow over Innovations: What Types of Betrayal and Fraud Envelop the Crypto Sphere

CoinMooner Team

In the world of cryptocurrencies, during times of rapid development when Web3 is expanding with the emergence of new honest and transparent projects, not only those striving for noble goals come to light, but also those intentionally committing fraudulent actions. These fraudsters can be individual players or highly organized groups who, waiting for the right moment, are ready to deceive users and the project itself.

In today's news article, Coinmooner would like to let readers know about one such incident. We will tell you about a hacker who patiently waited for the right moment to cash in – a substantial amount of cryptocurrency funds.

According to the latest information from the gaming platform Munchables, it faced an attack, and what's intriguing in this story is that the culprit behind it is likely the developers, possibly located in North Korea. But that's not all: the Munchables team successfully recovered 17,411 ETH coins, totaling $62.5 million, which were stolen due to this attack. According to the founder of the blockchain auditing company SlowMist, Yu Xiang, the hacker continued to operate unnoticed within the team, gaining the trust of its members to strike with maximum severity at the opportune moment.

Furthermore, an anonymous blockchain researcher known as ZachXBT has revealed that the hacker was actually a whole team, playing the roles of four different developers within Munchables. This version is supported by the fact that they recommended each other for candidacy, transferred payments to the same two deposit exchange accounts, and replenished each other's wallets.

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To give readers a deeper understanding of this news Coinmooner has decided to conduct a thorough investigation into a project that has gained wide recognition in the Web3 world. Munchables is a unique GameFi platform with an innovative approach to emerging NFT assets known as Snibbles. Using special primitives on the Blast chain, players embark on an exciting journey filled with various incentives across different areas, each with unique Snibbles. Players choose a location for their 'enhancement,' which affects Munchables reaction to the food offered. Snibbles accumulate passively and must be collected before feeding. Munch Points, earned based on the overall level of Munchables, are credited daily and can be withdrawn, encouraging strategic play.

As for the hacker, who is assumed to be a citizen of North Korea, this isn't the first instance where hackers from this country threaten the Web3 world. In 2023, groups such as Lazarus and Kimsuky, supposedly based in North Korea, stole over $1 billion through 20 attacks, dealing a heavy blow to the entire industry.

In addition to the above, the Munchables team emphasized that user funds are securely protected, and rewards distribution through the Blast program will be carried out strictly according to the plan. Our Coinmooner team will closely monitor events related to this and other incidents in the cryptocurrency field and promptly inform our readers. We also want to remind everyone of the importance of verifying any news from multiple sources in our time to minimize the risk of misinformation and avoid mistakes in the Web3 industry that could impact your finances. Based on this news, we urge everyone to be vigilant and keep up with the most advanced security methods in the crypto sphere to maximize protection for themselves and their assets from potential attacks.

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