Weekly Report (Aug-28)


  • The Alchemist and Earl Sweatshirt dropped a secret NFT album.
  • Power Rangers and Funko unite for NFT Digital Pop!
  • China is working to expand its social credit system into the Metaverse.
  • Claire’s unveiled avatar accessories on the Roblox Metaverse.

Blockchain Hacks

Magnate Finance was identified as a rug pull, with around $6.4 million in assets misappropriated. The deployer account manipulated the price oracle provider, enabling the fraudulent removal of 247 WETH, $1.3 million DAI, and $2 million USDC using fake collateral. The culprit has since transferred most of the ill-gotten gains to ETH, ARB, OP, and BSC via Stargate. Their Telegram and Twitter profiles have been deleted, and the project’s website is now offline.

SOL Big Brain suffered a loss of approximately $1.5 million due to a phishing scam. Scammers hijacked a Telegram account belonging to the founder of an affiliated company. They then communicated with SOL Big Brain, who, after verifying the sender’s identity, acted on the instructions provided. The culprits had prepared a scheme that used particular wallets susceptible to phishing, enabling them to siphon off the assets. Reportedly, assets in USDC, USDT, and Gearbox were stolen using permit signatures. The assets taken included an estimated $625,000 in USDC, $550,000 in ETH, $115,000 in USDT, and $200 in Gearbox.

BitBrowser issued an alert to its community, indicating that a security breach had occurred affecting their server cache data. Those who had activated the extension for data synchronization found their wallets vulnerable to theft. The company advised users to quickly move their assets to a safer location. Numerous community members reported that their private keys had been stolen, leading to speculation that the breach may be connected to the usage of the Bit fingerprint browser. Multiple accounts suggest that the financial impact of this event amounts to a minimum loss of $410,000.

The STV Protocol was exploited on the BNB chain due to price manipulation resulting from a flawed price calculation that relied on token balance. The attack resulted in a loss of over $500,000. The attacker made profits by repeatedly invoking the buy and sell functions. The exploiter has already laundered 1000 BNB, worth approximately $217,000, intoTornado Cash.

Metaverse, and NFTs

Earl Sweatshirt and The Alchemist unveiled an exclusive NFT album on Gala Music. While whispers of this secret project had been circulating, the exact details remained under wraps until recently. The suspense heightened as cryptic teasers surfaced, pointing to this sought-after partnership. Notably, during Earl’s international tour celebrating a decade since the release of his debut album dubbed Doris. QR codes found on merchandise acted as gateways to Gala’s platform. Delving deeper, enthusiasts were greeted with mysterious notes from The Alchemist. To decode the surprise, enthusiasts had to navigate through a labyrinth of riddles and challenges on Gala’s portal.

Funko and Power Rangers have once again collaborated to reveal a series of new merchandise, strategically launched to celebrate the franchise’s 30th anniversary on August 28th. The unveiling featured the long-awaited Ranger Slayer from the Boom Studios comics, along with new versions of the classic Rangers to mark the occasion. Funko’s unique digital card packs, released periodically, highlight new Pop! designs for previously unreleased characters. Each digital pack offers the chance for a special surprise: fortunate collectors could find themselves with a tangible version of the Pop! depicted in the NFT. The inaugural set of these packs included exclusive Pop! figures highlighting characters such as Zordon and Scorpina, which have recently been sent out to the lucky winners.

China is reportedly considering expanding its social credit system into the metaverse and various online virtual environments by introducing a digital ID system for its users. The initiative aims to provide users with digital IDs in these virtual domains that capture both natural and social characteristics. The primary intent is to ensure stability and security within these online spaces. These digital identifications could encompass a broad range of personal details, such as occupation and other personal records. Additionally, the proposal recommends that this data be stored indefinitely and be accessible to relevant authorities.

Claire’s has teamed up with metaverse game developer Super League to allow creators and brands to launch limited-edition avatar accessories on Roblox. This joint venture seeks to unveil a collection of exclusive avatar heads and backpacks within Claire’s ShimmerVille Roblox space, drawing inspiration from the popular ShimmerVille pet characters. A standout feature of this collaboration is the offering of a free limited-edition backpack linked to a new quest, aligning with the series’ finale. Claire’s and Super League envision this venture into digital accessories as a step towards bridging the gap between the virtual and real worlds, hinting that these virtual items might inspire real-world products.

OnChain Insurance Industry News

Bumper Finance announced the launch of their protocol on August 31, 2023.