• Web3 project Munchables was compromised, losing about 17,400 ETH ($62.5 million) due to a cybersecurity breach linked to a North Korean hacker.
  • Surprisingly, the hacker transferred all stolen assets to a multisig contract, providing Munchables with the private keys needed for fund recovery.

Munchables, a Blast Big Bang award-winning project, experienced a cybersecurity incident. The project was drained of an estimated 17,400 ETH, equivalent to $62.5 million.

Pseudonymous on-chain analyst ZachXBT tracked the hacker (0x6e…09c5). Zachxbt's investigation revealed that the incident occurred because one of the key developers turned out to be a hacker from North Korea.

These core developers have managed to remain undercover for an extended period, earning the trust of their teams before beginning to embezzle funds.

However, in an unexpected twist, the individual behind the Munchables hack recently shifted all pilfered assets into a multisig contract (0x4D…048C).

Munchables reports that the culprits have handed over all relevant private keys to help reclaim the stolen user funds, including the key to an account containing $62,535,441.24. The motive behind this action remains a mystery.

Meanwhile, Munchables said in an X post, “We’ve allocated a compensatory treasury pool for all users who had ETH Deposited to re-claim their funds.”

Edited by Harshajit Sarmah