Weekly Report (Feb-05)

TL;DR

  • Over $120.7 million was lost in multiple DeFi hacks.
  • Doodles clocks in with G-Shock for an NFT-inspired watch collection.
  • Victoria VR is set to launch the first Web3 metaverse on Apple Vision Pro.
  • EA Sports explores Metaverse integration to elevate game engagement.

Blockchain Hacks

Abracadabra Money was exploited on the Ethereum Mainnet due to a smart contract vulnerability, which resulted in a loss of over 2740 ETH, including 2.2 million MIM tokens worth approximately $6.5 million. The root cause of the exploit is a loss of precision during smart contract operations. We have shared a detailed analysis of the exploit in this blog.

Chris Larsen, the co-founder and executive chairman of Ripple, fell victim to compromised private keys on a few of his personal accounts, which resulted in a loss of 213 million worth of XRP tokens, worth approximately $112.5 million. The stolen assets were laundered through Kraken, KuCoin, Gate, Binance, MEXC, FixedFloat, and Whitebit, among others. A significant proportion of the assets transferred to these centralized exchanges were ultimately frozen.

Goledo Finance was exploited due to a smart contract vulnerability, which resulted in a loss of assets worth approximately $1.7 million. The hacker used a flash loan attack to borrow a greater amount of assets than a typical user should have been allowed to borrow. This allowed them to manipulate the price of a token to inflate the amount of collateral for borrowing tokens. The exploiter then used the collateral to take loans out on the rest of the tokens in Goledo’s lending pool.

Metaverse, and NFTs

Doodles has entered into a collaboration with Casio, focusing on the esteemed G-SHOCK series from the luxury watch brand. By hinting at a blend with these high-end digital watches, Doodles has ignited interest among NFT aficionados, suggesting the imminent release of watches with an alien motif. Enthusiasts of both Doodles NFT and G-Shock are eagerly anticipating the debut of their joint watch collection in the early months of 2024. This venture promises to draw collectors and fans by merging the realms of digital artwork with high-end fashion. Launched in October 2021, the Doodles NFT collection is composed of 10,000 generative NFTs designed by artists such as Evan Keast, Scott Martin, Jordan Castro, and Burnt Toast. This diverse array of characters includes humans, cats, pickles, apes, sentient flames, skeletons, and aliens.

Victoria VR launched its pioneering metaverse application on the Apple Vision Pro. This virtual reality metaverse, powered by the capabilities of the Apple Vision Pro, combines ultra-realistic graphics, engaging immersive experiences, and Web3 technologies. Within Victoria VR, users have the opportunity to purchase and own land and properties. They are given complete freedom to customize both the interiors and exteriors of their spaces as they wish, enabling them to create vivid and unforgettable settings. The main currency within the Victoria VR metaverse is the VR token, which facilitates the acquisition of land and various in-game items, including resources, skins, and wearables. Additionally, it supports participation in the DAO and enables other features such as staking, transportation, and lending. The platform is currently in its Alpha phase, with a showcase of their CQB Arena planned for February 9 and early access expected in April 2024.

EA Sports has joined the discussion on developing a metaverse within its gaming environment. Andrew Wilson, the CEO of EA Sports, has alluded to the company’s vision to craft a captivating metaverse experience across its popular gaming segments. This announcement signifies more than just a statement of purpose; it represents a potentially transformative shift for countless EA Sports enthusiasts and the wider realms of gaming and technology. With a robust community of over 700 million players, EA Sports is aiming to create a metaverse that serves as a haven for gamers. This envisioned metaverse aims to intricately weave together the virtual sports experiences of each player, creating a rich tapestry of interaction, community, and endless possibilities.

OnChain Insurance Industry News

Neptune Mutual announced that the withdrawal cycle for their Popular dApps diversified cover, OKX Exchange Custody, and Binance Exchange Custody on Arbitrum is open for LPs to withdraw their assets, if they so wish, before February 5, 2024.

Neptune Mutual also announced that cover product liquidity providers can get more than 10% returns in USDC in the Neptunite Marketplace on BNB Chain. Additionally, their NFT Portal has significantly increased its activity, with over 200 NFT mints and #NeptuniteNFTs trending on X for the second week in a row.