A Tuesday exploit led to Munchables losing over $60 million. Its official X account pointed out that the platform has been compromised and the team is trying to stop those transactions.
A public statement about the Munchable exploit came at precisely 5:37 pm ET. After this announcement, X user ZachXBT identified the address from which the exploit came. It turned out that this address held around 17,411 ETH which equals $62.5 million.
Earlier, Munchables Total Value Locked (TVL) was more than $80 million based on DefiLlama data. However, it took only a few hours for this figure to drop to $34.08 million. It was inevitable, because investors were quickly losing their confidence after the Munchables exploit.
What’s next after this Munchables exploit?
The team is currently trying to recover the user funds lost in the Munchables exploit. It added that the next steps will be announced on the official account, and urged users to be careful of scams and fake links to avoid losing more funds.
Later in the day, the platform mentioned that the Munchables developed has shared all the private keys that will help recover the user’s funds. This specifically includes the key holding over $62 million, another key with 73 WETH, and an owner key that contains the remaining funds. In the last 24 hours, the team has clarified that it is in the distribution process for lockdrop wallets.
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