MetaPoint, a metaverse platform, was hacked recently and lost almost $1 million worth of cryptocurrency. Another attack by unidentified hackers hit the crypto sector. On April 12, MetaPoint was hacked, and 2515 BNB were taken. Additionally, the hacker moved the money to Tornado Cash, which will make it more challenging for victims to pursue damages. The issue and any potential plans for a refund have not yet been addressed by MetaPoint in an official statement.
MetaPoint and the Most Recent Hack
Players can participate in a variety of common activities in their virtual world on the MetaPoint Metaverse Platform. These include taking part in social activities, video games, events, and business endeavors.
However, MetaPoint features a distinct trading method and a modern AMM system. This makes it possible for players to have fun while participating in a metaverse and monetary system.
One of the platform’s smart contracts was utilized by the attacker. In the event that the user makes a deposit, the transaction establishes a new contract and places assets in it. The analyst claims that the issue with this contract is that it features a function called “approve” that enables the caller unrestricted access to $META tokens. Additionally, the attacker obtained 36,800 POT tokens worth $63,000.
On the MetaPoint exploit, an expert made the following comment
“The problem is that this contract has a function called approve that gives the caller of the function access to the $META tokens without any restriction.”
The MetaPoint team made an announcement regarding the attack and the shutdown of all activities on Telegram. They have discovered weaknesses, and they are now developing remedies. The heist may have been substantially greater had the breach not happened in less than a day. At the time of writing, the POT token is down 77% over the previous day to trade at $1.74. The token’s value peaked at $35.71.
Previous Metaverse Exploits
One of the social media profiles belonging to the play-to-earn metaverse game The Sandbox was compromised; it was revealed in February. Sandbox promised its users in the release that it would look into the matter.
The Sandbox team, which tweeted the warning, also advised users not to click any links coming from their Instagram accounts until further notice. It is one of the most played metaverse games, with over a million players regularly using the network.
In 2022, an exploit was also aimed at Desrosiers, a game that aimed to use the virtual world to develop a game that would teach children about human anatomy and physiology.
Before 2024, users may notice a few trends as the metaverse ecosystem tries to expand. There are a lot of games in the metaverse, and by 2024, we may expect to see the virtual reality gaming sector grow even more. The experience of playing a virtual reality (VR) game is more realistic and interactive when one can fully immerse themselves in it.
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