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I'd like to warn new players about terrible situation with cheaters in this game. There is widely-known pet dupe, a bit less known item dupe, speedhack is working and not detected in 90% of cases, and the game doesn't even have proper verification of game files. You can go to /CookedPC/Packages/StaticMeshes and delete *.UPK files with textures you don't need like doors, player houses, guild keep walls (all files are named without any cunning) and your game just won't see them. Since everything is clientside it will allow you to go into player houses, guild keeps (this is so crazy) and run through obstacles. Almost every day i saw nakeds running in our keep getting into it right through the wall and stealing everything that is not glued to the ground and killing AFK people.
One of the main features of MO is full loot but it doesn't matter when enemy just have unlimited amount of imba mounts (all the exact same stats and color since they are duped), weapons and armor. I'm not even mentioning undetectable speedhack and stamina hacks (just don't use cheat engine).
Since most of the stuff is clientside you can also use HEX editors to check exact item parameters. Especially it's useful for crafting - in some professions crafters who are NOT using HEX editors are just not viable (alchemy, cooking, bows).
You can also cause lag with your internet and kill the freezed enemy during that lag - after you will unlag he will get full damage no matter where enemy were. This is just ridiculous. MO could be a nice game if there were some people playing it and no such hacking stuff. Even though people report it no action is taken to fix it. Probably the only way to make them fix this is to spread this info so there will be even more overwhelming amount of cheaters than now and only then Devs will maybe start working on it. But i guess it's too late already.