The Metapoint exploit once again casts doubt on the fortification of blockchain technology after the platform lost over 2,500 BNB.
Metaverse platform MetaPoint recently experienced an exploit that cost Binance Coin almost $1 million (bnb, Cyber attackers reportedly looted 2,515 BNB, raising concerns about blockchain vulnerabilities. The metapoint exploit also comes as the tech space begins to rein in its expectations about the emerging metaverse.
Metapoint has not yet been able to properly detect the exploit
Metapoint has yet to release an official statement on the exploit and whether it plans to reimburse victims. However, on Telegram, the Metapoint team mentioned the hack and subsequent suspension of all operations. according to a do “Vulnerabilities have been found and are currently in the process of being fixed,” by Web3 security platform AegisWeb3.
Any reparations effort launched by the Metaverse platform could prove difficult. That’s because the hackers funneled the stolen loot through the open-source, decentralized crypto mixer Tornado Cash. Crypto Tumbler’s service for mixing potentially identifiable or corrupted crypto with other digital currencies obscures any address traces. This complicates any potential Metapoint reimbursement plan, as it would be difficult to trace the stolen funds back to their source.
The price of POT tokens belonging to MetaPoint dropped by almost 80% after the hack. The digital currency is trading at $1.74 in the last 24 hours after reaching a peak of $35.71.
Cybercriminals allegedly hacked one of Metapoint’s smart contracts, thus diverting user-deposited funds. In other words, whenever a user deposits funds, the fraudulent transaction creates a new contract and transfers the said funds to that contract.
Commenting on the MetaPoint exploit, one analyst said:
“The problem is that this contract has a function called accept which gives the caller of the function unrestricted access to the $META token.”
Nevertheless, this analyst reportedly saved 36,800 POT tokens worth $63,000.
Metapoint as precursor to Metapoint Interactivity
MetaPoint is a decentralized interactive world where players engage in a number of activities typically associated with virtual worlds. These activities include social (sports, events) and business-building.
MetaPoint boasts a new AMM mechanism as well as an innovative business model. This concept means that participants can engage in the financial system while having fun.
Metaverse games are growing in popularity due to the increase in crypto adoption in mainstream venues. By combining the use of digital currencies with web3 capabilities such as blockchain, these games prove to be a catalyst for the resurgent interest in decentralized technology. Highly valued leading metaverse game includes decenterland (MANA), Sandbox (SAND), and Enjin (ENJIN).
However, in recent times, metaverse technology has faced a drag, highlighted by meta platform (NASDAQ: META) has scaled down its ambitions. Other companies outside the tech space are also losing steam in their metaverse efforts. For example, walmart (NYSE: WMT) has closed its Metaverse Experience on Game Creation System roblox, According to January 2022 ReportThe department store chain plans to venture into the metaverse with its own crypto and non-fungible token (nft,
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip crypto stories down to the basics so that anyone anywhere can understand without a lot of background knowledge. When he is not delving deep into crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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