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Home > News
Published: 27/03/2024
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Author: Kane
Web3 Game Munchables Loses $62.5 Million USD
Munchables, a game developed on layer-2 Blast, recently announced it was hacked by North Korean hackers, resulting in a loss of $62.5 million USD.
Azcnews Breaking
On March 27th, Web3 game Munchables built on layer-2 Blast announced a cyberattack resulting in a significant amount of assets being stolen. According to on-chain detective ZachXBT, the attack has caused Munchables to lose over 17,400 ETH, equivalent to $62.5 million USD.
ZachXBT suspects the mastermind behind the hack is a hacker with ties to North Korea – a country previously accused of attacking several major cryptocurrency projects such as Ronin Network, CoinEx, Stake, Atomic Wallet, and Harmony.
In the initial investigation, it was found that the hacker was hired by Munchables, allowing them to infiltrate and modify some lines of code in the smart contract to grant themselves withdrawal permissions.
However, the cryptocurrency community is debating whether Blast will accept reversing the hacked transactions to recover assets for Munchables or not.
The reason being that Blast is in phase 0 and heavily centralized in the development team. The bridge to this layer-2 is a multi-sig address instead of an actual smart contract. The management team could halt the bridge, upgrade the multi-sig wallet contract to disable the hacker’s actions. But this risks exposing Blast’s centralization, going against the decentralized philosophy of blockchain and setting a bad precedent.
Recently, another game project on Blast called Super Sushi Samurai also fell victim to an exploit, losing $4.6 million USD but was later promised reimbursement by a white hat hacker.
Munchables allows players to collect, trade virtual creature NFTs, and stake Blast ETH, Blast USD to earn points.
Related: Blast Releases Mainnet, Expected Airdrop Redemption Schedule
Munchables TVL
Before the hack, the total value locked in the project was $95.62 million USD, but it has now dropped to $34 million USD.
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Home > News
Published: 27/03/2024
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Kucoin Faces FUD, KSC Price Plummets Instantly
Recently, the Kucoin exchange has been indicted by the U.S. Department of Justice for involvement in illegal trading activities, totaling up to $9 billion. Immediately after, the KCS token plummeted by 25%.
Azcnews Breaking
The U.S. Department of Justice (DOJ) has announced serious charges against the global cryptocurrency exchange KuCoin, along with its two founders, Chun Gan (Michael) and Ke Tang (Eric). According to DOJ figures, KuCoin has received and processed over $9 billion in transactions from illegal sources.
The indictment accuses KuCoin of being an illegal money transfer business and serious violations of the Bank Secrecy Act. Founders Gan and Tang are accused of directing the exchange to circumvent anti-money laundering and counter-terrorism financing programs, failing to conduct customer identity verification (KYC) procedures, or report activities as required.
According to the indictment, financial institutions like KuCoin need to comply with U.S. law to help detect and prevent crimes and other corruption conspiracies. However, KuCoin not only operates illegally in the U.S. but also has become a “haven” for money laundering and financing for criminals in the financial market.
In parallel with the DOJ’s indictment, the Commodity Futures Trading Commission (CFTC) has also filed a civil lawsuit against KuCoin. The CFTC accuses KuCoin of providing both spot and derivative trading services without proper registration and violating the commission’s KYC requirements.
Homeland Security Investigations Special Agent Darren McCormack described KuCoin as “a multibillion-dollar criminal conspiracy,” seeing it as one of the largest cryptocurrency exchanges today.
Latest Update: KuCoin Considers Ceasing Operations and Selling Exchange. KuCoin Under Criminal Investigation by the United States in 2023 and Subject to Multiple Investigations in China.
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Kucoin and Price Volatility
KuCoin was founded in September 2017 by Gan and Tang, operating under three different entities: FLASHDOT LIMITED, PEKEN GLOBAL LIMITED, and PHOENIXFIN PRIVATE LIMITED.
It is a well-known centralized exchange (CEX) with over 649 cryptocurrencies traded and more than 8 million users worldwide. The exchange offers various services such as spot trading, margin trading, derivatives, lending, trading bots, and its own token, KCS.
Following the investigation, the price of the KCS token dropped by 25%.
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