Munchables revamps security, onboards new multisig signers

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After narrowly avoiding a $63 million theft from one of its own developers last week, NFT gaming platform Munchables is now implementing a series of critical changes to its security framework.

The month of March has seen a spate of digital asset thefts, with nearly $100 million stolen according to blockchain security firm PeckShield. According to Munchables, it is onboarding new multisig signers to tighten its internal security.

We’re on the final steps with the lockdrop refunds.

As part of our next phase, we have restructured the team completely.

We have brought in established and trusted entities to help upgrade the security of the project's funds and smart contracts.

— Munchables (@_munchables_) April 1, 2024

The new signers are investment firm Manifold Trading, market maker Selini Capital, and on-chain investigator ZachXBT. These new signers will be responsible for ensuring the safe return of user funds, as well as help with providing additional oversight on the process.

The rogue in-house developer who almost stole 17,400 Ether (ETH) has decided to return the stolen funds without demanding for a ransom, but this critical event showed the vulnerability within Munchable’s security. In the wake of this incident, the platform said it will overhaul its security practices to prevent a similar breach from happening.

“This process has been a rollercoaster for everyone involved, but we will not give up and are committed to nailing our ultimate vision for the project. As Confucius said, “We have two lives to munch, and the second begins when we realise we only have one,” the platform said on X.

Developers from Manifold Trading and Selini Capital will also be tasked with re-auditing and upgrading Munchables’ smart contracts, as well as overseeing the platform’s developer hiring process moving forward. Ethereum infrastructure firm Nethermind is also quoted as being in charge of conducting a further audit of the refreshed contracts before Munchables resumes operations.

As part of its relaunch, Munchables plans to offer returning gamers higher rewards within the game as a gesture of goodwill. The platform has also pledged to provide financial support to the entities involved in the recovery process.

The Munchables team has cautioned users against interacting with websites claiming to offer refunds, stating that the company will send refunds directly to user wallets.

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