• Latest
  • Trending
  • All
Metaverse Platform MetaPoint Suffers $1M Exploit that Sinks POT Value by 80%

Metaverse Platform MetaPoint Suffers $1M Exploit that Sinks POT Value by 80%

April 13, 2023
Connected products at the edge

Connected products at the edge

June 1, 2023
This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

June 1, 2023
BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

June 1, 2023
Ethereum Open Interest On Deribit At A 3-Year High

Ethereum Open Interest On Deribit At A 3-Year High

June 1, 2023
Bitcoin logs monthly loss, Ether drops, U.S. equities slide

Bitcoin logs monthly loss, Ether drops, U.S. equities slide

June 1, 2023
Hong Kong Has Ambitions to Build Crypto Hub But Hasn’t Landed Big Commitments

Hong Kong Has Ambitions to Build Crypto Hub But Hasn’t Landed Big Commitments

June 1, 2023
No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

June 1, 2023
Blockchain Analytics Firm Nansen Cuts Workforce by 30%

Blockchain Analytics Firm Nansen Cuts Workforce by 30%

June 1, 2023
Fancy Crypto – Cryptocurrency Mining Platform Now Gives Users 7 Different Ways To Start Mining Crypto…

Fancy Crypto – Cryptocurrency Mining Platform Now Gives Users 7 Different Ways To Start Mining Crypto…

May 31, 2023
Binance Coin (BNB) and Dogecoin (DOGE) Charts Show Red; Investors Looking To Buy into Uwerx (WERX) Early

Binance Coin (BNB) and Dogecoin (DOGE) Charts Show Red; Investors Looking To Buy into Uwerx (WERX) Early

May 31, 2023
An update on Devcon 6, and something new…

An update on Devcon 6, and something new…

May 31, 2023
Crypto Trio Shaking The Market: Polkadot, Litecoin, And Caged Beasts Rally For Success

Crypto Trio Shaking The Market: Polkadot, Litecoin, And Caged Beasts Rally For Success

May 31, 2023
Thursday, June 1, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Blockchain

Metaverse Platform MetaPoint Suffers $1M Exploit that Sinks POT Value by 80%

by Cuevas Antonio
April 13, 2023
in Blockchain
0
Metaverse Platform MetaPoint Suffers $1M Exploit that Sinks POT Value by 80%
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


The MetaPoint exploit once again casts doubt on the fortification of blockchain technology after the platform lost more than 2,500 BNB.

Metaverse platform MetaPoint recently experienced an exploit that cost roughly $1 million in Binance Coin (BNB). According to reports, the cyber attackers made away with 2,515 BNB, raising concerns about blockchain vulnerability. The MetaPoint exploit also comes as the tech space begins restraining its expectations regarding the emerging metaverse.

MetaPoint Yet to Properly Address Exploit

MetaPoint has yet to issue 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 tweet by Web3 security platform AegisWeb3, “They have found vulnerabilities and are currently in the process of fixing them”.

Any reimbursement efforts initiated by the metaverse platform could prove difficult. This is because the hackers have funneled the stolen loot through open-source, decentralized crypto mixer Tornado Cash. The crypto tumbler’s service of mixing potentially identifiable or tainted crypto with other digital currencies obscures any address trail. This complicates any potential MetaPoint reimbursement plan, as it would be difficult to trace the stolen funds back to their source.

The price of MetaPoint-related POT token plunged by nearly 80% in the aftermath of the hack. The digital currency is trading at $1.74 over the last 24 hours after attaining a peak of $35.71.

The cybercriminal reportedly hacked one of MetaPoint’s smart contracts, thus diverting user-deposited funds. In other words, whenever a user deposited funds, the insidious transaction created a new contract and transferred said funds into that contract instead.

An analyst commented on the MetaPoint exploit, saying:

“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.”

Nonetheless, this analyst reportedly salvaged 36,800 POT tokens worth $63,000.

MetaPoint as a Harbinger of Metaverse Interactivity

MetaPoint is a decentralized interactive world where players engage in several activities typically associated with virtual worlds. These activities include socials (games, events) and business-building.

MetaPoint also boasts an innovative trading model alongside a new AMM mechanism. This concept implies that participants can simultaneously engage in financial mechanisms while having fun.

Metaverse games are growing in popularity due to increased crypto adoption in mainstream spaces. Combining the usage of digital currencies with Web3 capabilities such as blockchain, these games prove to be the catalyst for casual interest in decentralized technology. Highly-valued leading metaverse games include Decentraland (MANA), The Sandbox (SAND), and Enjin (ENJIN).

However, in recent times, metaverse technology has suffered a drag, underscored by Meta Platforms (NASDAQ: META) scaling down its ambitions. Other corporations are also losing steam in their metaverse endeavors outside the tech space. For instance, Walmart (NYSE: WMT) has discontinued its metaverse experience on game creation system Roblox. According to January 2022 reports, the department store chain planned to venture into the metaverse with its own crypto and non-fungible tokens (NFTs).

next

Altcoin News, Blockchain News, Cryptocurrency news, Cybersecurity News, News

Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

Thank you!

You have successfully joined our subscriber list.





Source link

Tags: ExploitMetaPointmetaversePlatformPOTSinksSuffers
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
What is Cloud Mining and How Does it Work?

What is Cloud Mining and How Does it Work?

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Connected products at the edge

Connected products at the edge

June 1, 2023
This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

June 1, 2023
BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

June 1, 2023

Recent News

Connected products at the edge

Connected products at the edge

June 1, 2023
This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

June 1, 2023
BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

June 1, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Crypto Mining
  • Cryptocurrencies
  • Culture
  • Dogecoin
  • Economy
  • Education
  • Ethereum
  • Featured
  • Governance
  • Litecoin
  • Market
  • News
  • Uncategorized

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved