News of a successful hack against the MetaPoint platform has rippled across the crypto market. On April 12, the attacker managed to steal 2515 BNB of which 36,800 POT tokens worth a total of almost $1 million. The smart contract on the platform, the nature of which allowed unrestricted access to the Metaverse tokens, may have been at fault for the vulnerability. The MetaPoint team identified the vulnerability and has since suspended all operations whilst fix implementations are underway.

The POT token saw a harsh price drop as a result of the hack, losing 77% of its value in 24 hours. The peak price of the POT token was $35.71 however at the time of writing it had fallen to $1.74. It is yet to be seen if the MetaPoint team will provide a solution for refunding the victims of the hack.

This is not the first hack of its kind. Previously, in August 2020, the Uniswap project was successfully hacked of $100,000 worth of crypto. Additionally, the KuCoin exchange suffered a similar hacking attack in 2020 which resulted in a $280 million loss; however, some of the stolen funds were recovered.

Incidents such as the MetaPoint hack remind us of the need for improved security measures in the crypto market. It seems like no matter how secure a platform or exchange claims to be, hackers are always one step ahead of the game. As such, it is vital for crypto users to be aware of any suspicious activities and to remain cautious when investing their funds. It is also imperative that crypto companies implement regular security audits and ensure all their protocols are up to date.



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