Munchables, the nonfungible token (NFT) game, is undertaking a comprehensive overhaul following a nearly catastrophic loss last week. After narrowly averting a potential massive loss of nearly $63 million, which was pilfered by a rogue in-house developer, the platform is now proactively implementing a series of measures to fortify its security and prevent similar incidents in the future.

The incident, which unfolded on March 26, saw the Ethereum-based NFT game Munchables fall victim to a hacker who siphoned off over 17,400 Ether. Interestingly, the perpetrator turned out to be a developer affiliated with Munchables, who, after some deliberation, returned the stolen funds without any ransom demands.

In response to this close call, Munchables is embarking on a multifaceted strategy to enhance the security of its project funds and smart contracts. One of the key initiatives involves the enlistment of reputable entities such as investment firm Manifold Trading, market maker Selini Capital, and blockchain investigator ZachXBT as new multisig signers. This move aims to establish additional layers of protection to safeguard users' funds effectively.

Furthermore, Munchables has engaged developers from Manifold Trading and Selini Capital to conduct a thorough reaudit of its smart contracts and facilitate necessary upgrades. These developers will also oversee Munchables' developer hiring process moving forward, ensuring that only trusted individuals are brought onboard.

To bolster confidence in its revamped security measures, Munchables has enlisted Ethereum infrastructure firm Nethermind to conduct further audits on the refreshed contracts before the platform goes live again.

In addition to fortifying its security posture, Munchables is also focusing on rewarding returning gamers with enhanced incentives once the platform relaunches. Moreover, the company has pledged financial support to the entities involved in the successful recovery process, demonstrating its commitment to fostering a secure and resilient ecosystem.

As part of its efforts to streamline the refund process and mitigate potential risks, Munchables is cautioning users against interacting with external websites to claim refunds. Instead, the company will directly disburse refunds to users' wallets, ensuring a secure and hassle-free experience.

The incident at Munchables is just one among many security breaches that plagued the crypto ecosystem in March. According to blockchain security firm PeckShield, the month witnessed nearly $100 million in digital assets being stolen across over 30 hacking incidents. Despite the alarming figures, there is a silver lining, with over half of the hacked funds successfully recovered.

Among the top security incidents, alongside Munchables, were the Curio hack, the Prisma Finance incident, the NFPrompt hack, and the WOOFi exploit. These incidents underscore the pressing need for robust security measures and proactive risk management strategies within the crypto space.