Weekly Report (Aug-07)


  • Over $27.4 million was lost in multiple DeFi hacks.
  • Elvis Presley is set to debut in the Metaverse as an NFT Avatar via The Sandbox.
  • Hurley is set to dive into the NFT realm with the launch of a super surfer game.
  • Etihad Airways takes to the skies with a new Web3 loyalty program.

Blockchain Hacks

BALD, a meme coin built on the Base network, has appeared to have been rug-pulled with at least $25.6 million worth of stolen assets. The token deployer has removed a total of 11,137 ETH just a few days after the token launch. The price of the underlying token dropped by over 90% following the incident.

LeetSwap was exploited on the Base chain, which resulted in a loss of funds worth approximately $624,000. The LeetSwapV2Pair contract had a vulnerable function that was mistakenly assigned a public visibility specifier. Therefore, anyone could invoke a call to this function in order to transfer tokens from the contract to the fee-collection address, causing a price manipulation of the underlying tokens. The attacker initially exploited one of their pools and repeated the incident on multiple other pools to drain funds worth 340 ETH, totaling approximately $624,000, from them. In this blog, we have shared a detailed analysis of the exploit.

Uwerx Network was exploited on the Ethereum Mainnet, which resulted in a loss of 174.78 ETH, worth approximately $325,700. The root cause of the attack lies in the transfer routines, in which the balance is deducted twice. The exploiter transferred a large amount of tokens to the pair and then called another function to burn the pair’s balance, thereby manipulating the price of the token. The price of the underlying UWERX token dropped by 100%. We have shared a detailed analysis of the exploit in this blog.

Majin Buu was identified as a rug-pull in which funds worth 129 ETH, amounting to approximately $237,000, were swept away. The deployer of the token transferred funds to various EOAs, and approximately 55 ETH was laundered to Tornado Cash. The website of the associated protocol has been shut down following the incident.

The Apache NFT SalesRoom project (ASN token) on the BNB chain was identified as a rug-pull. The deployer of the token transferred a large amount of tokens to an EOA, which later dumped almost 1 million ASN tokens for approximately $680,000.

Metaverse, and NFTs

The metaverse platform, The Sandbox, is gearing up to commemorate the timeless legacy of Elvis Presley by introducing officially licensed NFT avatars that mirror the renowned musician’s illustrious career. Encompassing a limited series of approximately 3,000 avatars, these digital tokens will be categorized into four distinct rarity levels, each representing the iconic looks and hairstyles that marked different eras of Presley’s journey. Adding to the exclusivity, these avatars will feature specialized emotes that echo his signature dance moves, providing a virtual embodiment of his electrifying stage charisma. These NFT avatars, minted on the Polygon chain, will be fully compatible with all upcoming multiplayer engagements within The Sandbox ecosystem. A limited number of holders will have privileged access to an exclusive 24-hour presale on August 8, and the general public sale will start on August 9.

Hurley, the distinguished surf fashion label, is set to pioneer a fresh wave of gaming experience with the upcoming release of ‘Hurley Super Surfer Game’ in the Hurleyverse this Autumn. The initial offering includes an exclusive pre-booking opportunity for 10,000 ‘Hurley Super Loot Box Packs’ on Jump.Trade, each priced at $50. These digital tokens feature the characters Surfer Sloths, Reef, and Sandy, coupled with in-game accessories, benefits within the community, and a unique piece of real-world merchandise. Additionally, a specialized auction for individual Reef and Sandy NFTs is slated for August 31, with the pricing structure to be disclosed at launch. Ownership of a Hurley NFT not only unlocks levels in the Super Surfer Game but also permits trading and upgrading to explore enthralling in-game capabilities, creating a fully engaging virtual surfing experience.

Etihad Airways is soaring into the Web3 domain with its groundbreaking loyalty initiative. The UAE’s national airline is poised to offer travelers exclusive perks, from privileged access to lounges at Abu Dhabi International Airport and expedited check-ins to a boosted 25% accrual rate for Etihad Guest Miles. Adding flair to this innovative program, the carrier has unveiled NFT collectibles dubbed ‘Etihad: Mission Impossible,’ intricately crafted with a theme mirroring the film’s promotional spree. Those already in possession of the EY-ZERO1 NFT set can secure 300 of these latest digital assets for 0.16 ETH ($299) apiece, while newcomers will need to allocate 0.188 ETH ($349) for each acquisition.

OnChain Insurance Industry News

Neptune Mutual announced that Curve Finance was flagged as ‘Incident Occurred’ and that the 7-day Incident Reporting process has been activated. They also shared that the reentrancy lock malfunctions in the Vyper versions are now excluded as a valid trigger for any Neptune Mutual cover product parameters.

Nexus Mutual shared the guidelines for users affected by the exploit on Curve Finance to submit their claim requests so that the claim assessors can accurately determine losses and factor in potential reimbursement amounts.

InsurAce Protocol announced the listing of Lyra Finance on their platform and stated that users can purchase cover for the same, which has a limited capacity available on a first-come, first-served basis.