Webaverse crypto project hacked for $4M

After meeting with con artists posing as investors in a hotel lobby in Rome, the co-founder of Web3 metaverse game engine “Webaverse” revealed they had been the victims of a $4 million cryptocurrency hack, as reported by Cointelegraph.

According to co-founder Ahad Shams, the strange part of the story is that the cryptocurrency was taken from a recently created Trust Wallet, and that the hack happened at some point during the meeting.

He asserts that neither was he at the time connected to a public WiFi network, nor could the thieves have possibly seen the private key, Cointelegraph further stated.

Shams later disclosed the Ethereum-based transaction in which his Trust Wallet was compromised, noting that the money was “split into six transactions and sent to six new addresses, none of which had any prior activity” before being “instantaneously sent to six new addresses.”

Cointelegraph further stated that the $4 million in USDC was then almost entirely converted using 1inch’s swap address feature into Ether (ETH), wrapped-Bitcoin (wBTC), and Tether (USDT).

Shams acknowledged that the $4 million exploit is “undoubtedly a setback” for Webaverse and that “the event haunts me to this day.”

(With insights from Cointelegraph)

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