TL;DR
- Over $5.4 million was lost in multiple DeFi hacks.
- Yuga Labs unveils a new CryptoPunks wrapper to ease NFT trading.
- Sound revolutionizes the music NFT ecosystem with enhanced rewards.
Blockchain Hacks
Transit Finance was exploited on the Ethereum Mainnet as well as the BNB chain due to a smart contract vulnerability, which resulted in a loss of funds worth approximately $115,000. The root cause of the exploit is the lack of input validation for the pool. On the vulnerable contract along the swapping route, the pre-deployed fake token pair would return a false value without actually transferring any tokens to mislead the transit finance route into validating the unexpected swap. We have shared a detailed analysis of the exploit in this blog.
Pine Protocol was exploited across multiple transactions on the Ethereum Mainnet due to a smart contract vulnerability, which resulted in a loss of funds worth approximately 40 ETH. The root cause of the exploit is due to the shared pools between two different contracts in their protocol. In this blog, we have shared a detailed analysis of the exploit.
Babur Timurid was hacked on the Ethereum Mainnet, likely due to the private key compromise, which resulted in a loss of assets worth approximately $1.23 million. The total stolen assets across multiple chains correspond to approximately $2.4 million. The hacker swapped the stolen assets in USDT, likely to prevent them from being frozen.
Another DeFi user was hacked on the Ethereum Mainnet and the BNB chain, likely due to the private key compromise, which resulted in a loss of assets worth approximately $2.5 million. The stolen funds on the BNB chain were bridged to the Ethereum network via the Celer network. The attacker transferred all of the funds to an EOA under their control, converted all of the digital assets in USDC, USDT, and FTM to ETH, and then transferred about 1082 ETH to yet another address that they most likely control.
Paraluni was the target of a price manipulation attack, which resulted in a loss of assets worth approximately $336,000. The attacker was able to amplify the collateral value of the tokens as they were able to borrow out more than they could afford, causing a loss to the protocol.
Metaverse, and NFTs
Yuga Labs, the creator of the Bored Ape Yacht Club, is initiating steps to enhance the trading efficiency of CryptoPunks collectibles. The firm recently introduced a new wrapper named CryptoPunks721, designed to ease the transactions with these early-released NFTs. Utilizing the PunksData smart contract from Larva Labs, this wrapper operates autonomously, without requiring external permissions. Its primary advantage is enabling CryptoPunks to be both wrapped and unwrapped within a single transaction, which effectively reduces the associated gas fees. Before listing on prominent marketplaces, CryptoPunks need to be wrapped, creating an equivalent token while the original is safeguarded by a custodian. Typically, this involves multiple separate transactions, each incurring its own gas fee, and lacks a dedicated interface for assistance. The CryptoPunks721 wrapper addresses these issues by consolidating various steps into fewer transactions, thereby cutting down on overall gas fees. Additionally, it introduces an easy-to-use official interface for the first time in the CryptoPunks series.
Sound has recently unveiled a transformative update to its rewards system, launching a new model that ensures lucrative earnings for both artists and curators in the realm of music NFTs. The core of this update is designed to foster a community-centric music platform where participants actively share in its growth. Under this system, artists receive earnings from every NFT mint, regardless of whether it’s free or paid, while curator rewards have seen a tenfold increase for their contributions to sharing music. For artists, this translates to a fixed share of mint fees for every NFT created—a notable shift that ensures artists profit from all mints. Curators, who play a vital role in the music ecosystem, are now rewarded with a flat rate rather than a percentage share, significantly boosting their earnings for promoting music. The new structure specifies clear earnings: for free mints, curators receive approximately $0.50 per referral, while paid mints yield about $1.20 per referral. Importantly, the increase in rewards is funded by reducing Sound’s own mint fee.
OnChain Insurance Industry News
Neptune Mutual’s profile on CoinMarketCap has been updated to include the NPM/USDC Sushi pool on the Polygon network.
Bumper Finance announced the launch of Bumper v1.1 on Arbitrum, offering a unique trading approach with up to 99% hedging protection, new strategies for traders and yield hunters, and more.