Another hack occurred in the cryptocurrency market; This time, the Metaverse platform Metapoint is the victim. The project was exploited for about one million dollars.
Metaverse platform MetaPoint was hacked for nearly $1 million on April 12, with the attacker stealing 2,515 BNB. The hacker also transferred the money into Tornado Cash, which will complicate the process of compensating the victims.
MetaPoint has not yet released an official statement regarding the incident and whether a payment plan is in the cards.
Hack explained
striker Exploited One of the smart contracts on the platform. If the user deposits, the transaction creates a new contract and the assets are deposited into that contract instead.
One analyst stated, “The problem is that this contract has a function called consent that gives the caller of the function access to $META tokens without any restrictions.”
He also managed to save 36,800 POT tokens worth $63,000.
MetaPoint Team announce On Telegram that it was hacked and stopped all operations. They have identified vulnerabilities and are currently working on fixes. It’s been less than a day since the hack, and the theft could have been much larger.
The POT token is currently trading at $1.74, down nearly 77% over the past 24 hours. At its peak, the price of the token was $35.71.
MetaPoint is a metaverse where players can engage in many of the typical activities expected in these virtual worlds. These include participating in social activities, participating in events, playing games, and building a business.
He also claimed to have an innovative trading model and a new asset management mechanism. The idea is that players can engage in the financial mechanics while at the same time having fun participating in the metaverse.
Once the tech industry’s biggest draw, interest from major companies in the space has waned over the past few months. Among the notable incidents is the fact that Wal-Mart close Its metaverse experience on Roblox. Then there’s Meta, who’s had to scale back her ambitions.
Crypto projects themselves are struggling, with Decentraland taking a huge hit, as has The Sandbox. However, some countries see strong potential here, with Japan, in particular, showing a lot of gumption.
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