• MetaPoint ($META) experienced an exploit on its POT smart contract in April 11, resulting in a loss of 2,515 BNB tokens worth $1 million.
• The threat actor moved the assets into Tornado Cash to obscure their address and evade tracing.
• MetaPoint has acknowledged the exploit but has not disclosed plans for a refund or reparation scheme for affected users.
MetaPoint Platform Exploit
MetaPoint ($META) recently experienced an exploit on its POT smart contract. The attack took place on April 11, with the loss of 2,515 BNB tokens worth $1 million.
Threat Actor’s Actions
The threat actor has moved these assets into Tornado Cash, an asset mixer, in an attempt to obscure the recipients‘ addresses and evade tracing.
MetaPoint has acknowledged the exploit and released an official statement about the incident, however, the project has not disclosed plans for a refund or reparation scheme for affected users.
Yannickcrypto.eth made made the initial disclosure, revealing details of the exploit on Twitter which was corroborated by blockchain security firm PeckShield. According to MetaPoint, it is now undergoing a security audit that would take between 3-7 days.
Overview of Metaverse Platforms
Once a booming sector in the tech industry, interest in metaverse platforms from major corporations has seen renewed attention due to advancements in virtual reality (VR), augmented reality (AR), and mixed reality (MR). MetaPoint is a metaverse platform where users can participate in various activities within a virtual environment such as socializing, playing games, attending events and engaging in commercial ventures using its unique trading strategy and automated market maker (AMM) mechanism that allows players to immerse themselves in its decentralized ecosystem.
The recent hack involved exploiting MetaPoints POT smart contract with losses that could have been significantly higher if left unchecked over time. Despite acknowledging this breach they have yet to disclose any plans for recompensing victims or safeguarding against further exploits affecting their platform’s security measures going forward