TL;DR
- Over $80.2 million was lost in multiple DeFi hacks.
- Adidas and Stepn joined forces to launch the Solana NFT Sneakers.
- Fansland introduces NFT ticketing for the Bangkok Music Festival.
Blockchain Hacks
Grand Base was exploited on the Base chain, which resulted in a loss of 808.57 ETH worth of assets, amounting to approximately $2.5 million. The root cause of the exploit is the private key compromise of their deployer wallet. Following the compromise of the deployer wallet, the scammer was able to mint and sell a significant amount of GB tokens. We have shared a detailed analysis of the exploit in this blog.
Hedgey Finance was exploited across a series of transactions, which resulted in a loss of $2.1 million on the Ethereum Mainnet and $42.6 million worth of assets on the Arbitrum network, totaling approximately $44.7 million. The root cause of the exploit is the lack of input validation on users’ parameters, which allowed the attacker to manipulate and gain unauthorized token approvals. The victim contract on the Ethereum Mainnet was drained of assets, including USDC, NOBL, and MASA tokens. All parts of the stolen funds were swapped to DAI and then transferred to an EOA, which held approximately $2,173,325 worth of assets. On the Arbitrum chain, the attacker was able to steal over 77.74 million BONUS tokens, which were worth approximately $42,624,729 at the time of the incident. In this blog, we have shared a detailed analysis of the exploit.
ZKasino, the betting platform, was identified as a rug pull, in which the team misappropriated approximately $33 million worth of users and investors’ funds. More than 10,515 ETH were bridged by over 10,000 participants to ZKasino’s network, hoping to score extra ZKAS alongside the possibility to withdraw their initially staked ETH on a 1:1 ratio when the protocol launched. However, the funds were automatically vested into ZKAS tokens in order to provide a seamless transition and superior user experience. The Telegram channel of the project has since been closed, and their social moderators have been banning their Discord community members after raising their concerns.
Metaverse, and NFTs
Adidas and the move-to-earn platform Stepn unveiled a joint NFT collection, introducing Solana NFT sneakers from Adidas into the fitness-centric game. This marks the beginning of various collaborative efforts under the Stepn x Adidas Genesis Sneakers collection. Throughout their year-long partnership, additional NFTs and physical products will be released. The sneakers are priced at 10,000 GMT, Stepn’s native currency, equivalent to approximately $2,500. The first batch of 200 Genesis Sneaker NFTs was released on April 17 on MOOAR, Stepn creator FSL’s NFT marketplace. Following this, another 790 NFTs were made available through a public raffle from April 18 to April 21, with draws occurring daily.
Fansland is revolutionizing the live event experience by introducing an NFT ticketing system for its major music festival in Bangkok, scheduled for May 4 to 5. The event is expected to draw approximately 40,000 participants to the IMPACT venue for two days of performances by prominent artists such as PSY, Edison Chen, Henry Lau, and Chuang Asia, among others. The tickets, priced at 6,000 Thai baht each, are available on Trip.com and can be converted into NFTs on Fansland upon purchase, offering additional privileges. These NFT tickets not only grant access to the event but also act as tradable assets on secondary markets, potentially yielding financial returns. Furthermore, they provide entry into Fansland’s DeFi ecosystem, where attendees can participate in platform governance and influence future projects. During the festival, attendees will also have the opportunity to engage with various web3 initiatives, including the ability to buy exclusive festival merchandise, artist memorabilia, and food and beverages using cryptocurrency.
OnChain Insurance Industry News
Neptune Mutual announced that the first proposal for the newly released Gauge Controller is active in Snapshot. NPM holders can now vote on the Snapshot platform to influence how the 375,000 NPM emissions will be allocated between the Prime dApps diversified pool and the Popular DeFi Apps pool on the Arbitrum One network. Once the Snapshot vote ends and the Gauge controller allocates the NPM emissions to the respective pools then cover pool LPs who lock their proof-of-deposit tokens, or PODs, will be eligible to receive their NPM emissions.