The cryptocurrency industry has seen yet another attack from unknown hackers. A metaverse platform, MetaPoint became a victim of the latest hack and lost approximately $1 million in crypto assets.
The breach occurred on April 12, 2023, leading to a loss of 2,515 BNB. The hackers have transferred all the assets into Tornado Cash. They aim to avoid tracing as the asset mixer will mask the recipients’ addresses.
At the time of writing, MetaPoint has not yet released an official statement regarding the incident and if a refund scheme is in the process.
Brief On MetaPoint And Latest Hack
MetaPoint is a Metaverse Platform where players can engage in many standard activities in their virtual environment. These include participating in social activities, video games, events, and commercial ventures.
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However, MetaPoint has a unique trading strategy and an updated AMM mechanism. This helps gamers to enjoy themselves while participating in a metaverse and financial system.
Regarding the latest hack, the exploiters compromised one of the smart contracts on the Metaverse platform. As such, whenever users make a deposit, a new contract is created automatically where the deposits will go to.
This process made it easier for them to steal the funds as the deposits would go to their smart contract instead of the main contract.
The MetaPoint team reported the attack and shut down all activities on Telegram. They have reportedly located the weaknesses and are presently developing remedies. Besides, the money lost may have been huge if the attack had lasted longer.
Previous Exploits On Metaverse
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In February, a play-to-earn metaverse game called The Sandbox disclosed that one of its social media accounts had been hijacked. In the announcement, Sandbox assured its users of looking into the situation.
It further cautioned users not to open any links originating from their Instagram account until further notice by the Sandbox team, who posted the advisory to Twitter. With over a million players actively using the network daily, it is one of the most popular metaverse games.
Desrosiers, a game that wanted to utilize the virtual environment to create a game to teach kids about human anatomy and physiology, was also the target of an exploit in 2022.
As the metaverse ecosystem strives to grow, there are several trends users might witness before 2024. The metaverse includes a sizable amount of gaming, and by 2024, we may anticipate seeing the virtual reality gaming market expand even more. The ability to fully immerse oneself in a virtual reality (VR) game makes the experience more realistic and interactive.
Featured image from Pixabay and chart from Tradingview
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Eli brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.