Weekly Report (Apr-01)

TL;DR

  • Over $76.46 million was lost in multiple DeFi hacks.
  • Sleap joined forces with Avata to launch tokenized travel insurance.
  • Newcastle United announced a multi-year alliance with Quidd NFT marketplace.
  • ChainGPT joined forces with Polygon Labs to enhance NFT design using AI.

Blockchain Hacks

Zongzi was exploited on the BNB chain due to a smart contract vulnerability, which resulted in a loss of 546 BNB, worth approximately $390,000. The root cause of the exploit is a price manipulation of the underlying assets. The attacker was able to inflate the price of ZongZi tokens in order to profit from the invitation rewards mode of their burning pool.

Munchables was exploited on the Blast network across a series of transactions, which resulted in a loss of 17,400 ETH, worth approximately $62.3 million. The attack was carried out by a rogue developer who had admin-level access to the smart contracts of the protocol. Using this privilege, the individual was able to upgrade the contract implementation and transfer funds to different addresses.

The email newsletter account of Decrypt was compromised, and a phishing scam email was sent to all of their subscribers citing the fake airdrop of the DECRYPT token. Users who fell victim to the scam collectively lost around $3,000 worth of assets.

Lava Lending was the target of a flash loan attack on the Arbitrum chain, which resulted in a loss of assets worth approximately $340,000. The stolen assets include 60,349 USDT, 8.5 wstETH, 96,215 UDSC_e, and 77,477 USDC.

The Solareum trading bot was reportedly exploited due to the likely compromise of the Telegram bot tokens, which resulted in a loss of assets worth approximately $1 million. According to the team, due to a combination of insufficient funds and evolving market trends, the team has taken steps to work on the closure of their project. The team has already deleted their website. The lack of investigation into the attack could conclude that the team has orchestrated an exit scam.

Prisma Finance was exploited across a series of transactions on the Ethereum Mainnet due to a smart contract vulnerability, which resulted in a loss of 3,257 ETH, worth approximately $12.43 million. The root cause of the exploit is a lack of input validation. In this blog, we have shared a detailed analysis of the exploit.

Metaverse, and NFTs

Newcastle United FC has embarked on a distinctive commercial endeavor with Quidd, a digital collectibles marketplace under the ownership of Animoca Brands. This collaboration marks the football club’s inaugural venture into the realm of digital collectibles. Through this multi-year partnership, fans worldwide are presented with the opportunity to collect, exchange, and possess digital trading cards and memorabilia, available exclusively on the Quidd platform. Emphasizing the importance of this alliance, the club unveiled its first collection of limited-edition digital trading cards, featuring over 200 bespoke player cards. With the entry price set at a mere £0.79 for a pack of three trading cards, this initiative makes it feasible for supporters with various financial capabilities to engage in the digital collectible space. Additionally, it provides fans with the chance to delve into a digital realm, enjoying unique experiences and memorabilia that enhance their supporter experience.

Sleap has formed an alliance with the web3 insurance provider Avata to launch the first-ever tokenized travel insurance on the market. This move is seen as a notable progression in the use of blockchain technology, aiming to enhance adaptability, safety, and customization within the travel and insurance sectors. The hotel reservation platform enables customers to link their cryptocurrency wallets, including Metamask and Coinbase Wallet, to their profiles. Differing from conventional platforms, it employs NFTs. Every search and reservation made by a user is transformed into a distinct, non-fungible token. These NFTs allow for the future transfer of bookings and provide additional benefits. The rollout of tokenized travel insurance, associated with an insurance NFT instead of being tied to an individual, is a crucial move towards decentralization. This approach grants NFT owners unparalleled influence over their travel insurance, indicating a shift towards more flexible and secure insurance offerings.

ChainGPT partnered with Polygon Labs to equip developers and creators with sophisticated resources for crafting NFTs and AI-powered applications. This intricate partnership intertwines various components that fortify both entities and enrich their communities with effortless NFT creation and blockchain-based minting processes. The ChainGPT AI NFT Generator will merge comprehensively with the Polygon ecosystem, enabling the rapid production of AI-generated imagery and its immediate minting within the Polygon framework. This collaboration simplifies the NFT creation workflow and leverages Polygon’s effective infrastructure for creators. Building upon this foundation, the partnership has already achieved notable milestones, showcasing the concrete benefits of melding ChainGPT’s AI capabilities with the robustness of Polygon’s ecosystem.

OnChain Insurance Industry News

Neptune Mutual announced the launch of the vote escrow and liquidity gauge pool on the Polygon Mumbai testnet, offering their community members the chance to try out this new feature. veNPM offers enhanced voting power in relation to the allocation of NPM emissions, and, in addition, veNPM holders receive boosted NPM emissions. For full details on how users can maximize their NPM emissions, Neptune Mutual has published a blog article that explains this new feature.

As cover policy sales increase and drive up utilization of the cover pools in Neptune Mutual’s cover marketplaces, so the returns to cover pool LPs also increase. This dynamic pricing is designed to increase capacity in the cover pools as the need for more liquidity grows as a result of cover policy sales. The NPM emissions of the new Liquidity Gauge feature is a new reward for cover pool LPs and will help drive increased liquidity and capacity in the cover marketplace.

Neptune Mutual’s marketplace is highly scalable and is well positioned to benefit from the strong growth in DeFiInsurance resulting both from individual users choosing to mitigate the risks of smart contract vulnerabilities as well as institutional investors looking to join the DeFi scene.

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