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Scams and hacks are becoming common nowadays; in the past few years, hackers have troubled the crypto market on the verge. Munchables, a nonfungible token (NFT) game, has lost approximately $63 Million. However, the funds were recovered soon.
As per the available information, an in-house developer planned and executed the breach. The dev behind the theft stole 17,400 Ether, although the funds returned safely without any ransom.
Munchables have taken the loss very seriously and are preparing to implement new upgrades. The developer announced that it is implementing several changes to “upgrade the security of the project’s funds and smart contracts.”
The ecosystem also announced that developers from Manifold Trading and Selini Capital would inspect the upgrade over the new contracts and analyze Munchables’ developer hiring process.
At the same time, it is crucial to note that Nethermind the Ethereum infrastructure is ready to reinspect refreshed contracts before the ecosystem is live again. The existing gamers who will be back after Munchables relief will be eligible for special and upper-level rewards.
“Finally, we will send ETH and future MUNCH donations to those who were involved in the recovery process of keeping our users safe.”
In conclusion, Munchables informed its users not to interact with any website claiming a refund; the platform will deposit the funds in the wallet directly.
NFT Gaming Market Size
According to a study by Mordor Intelligence, the NFT gaming market is expected to reach $471.90 Billion by 2024 end. The sector is estimated to reach $942.58 Billion by the end of 2029.
Despite immense volatility in the cryptocurrency market, NFT popularity is constantly growing; as of 2023, there were over 10 Million NFT holders. Bored Ape Yacht Club is one of the most popular NFTs, followed by CryptoPunks, Axie Infinity, and Moonbirds.
As per CoinMarketCap, the NFT market capitalization is $5,116,296,913, and the intraday trading volume is $22,124,340. The trading volume of NFTs surged over 12% in
the past 24 hours.
Rarible, an NFT on the Ethereum chain, has the highest estimated market capitalization of 1,012,689.72 ETH. Bored Ape Yacht Club is the most traded NFT, and its trading volume has grown by 125%.
Crypto Market Price Overview
The global cryptocurrency market capitalization fell significantly and lost 4.77%; as of writing, it was $2.46 Trillion. Analysts claim that Bitcoin’s significant decline severely affected the market capitalization.
Ethereum (ETH), the second most prominent crypto in the market, has lost 9.41% in the past seven days; at the time of writing, it was trading at $3,233. However, ETH has performed impressively since the beginning of 2024; there are claims that yet-to-be-approved Ether spot ETH backed the spike.
Core (CORE) added 15.17% to its trading price in the past 24 hours, making it the intraday gainers list leader. Aptos (APT) bleeds 14.16% and is trading at $14.91 with a market capitalization of $5.9 Billion.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
