Weekly Report (Feb-19)


  • Over $36.76 million was lost in multiple DeFi hacks.
  • The Glenlivet is set to mix NFTs and AI into its whiskey collection.
  • The Empire State Building launched the NFT-Powered Ambassador Program.
  • Lamborghini joined forces with VeVe to launch an exclusive NFT collection.

Blockchain Hacks

Miner was exploited on the Ethereum Mainnet due to a smart contract vulnerability, which resulted in a loss of 168.8 ETH, worth approximately $466,000. The root cause of the exploit is a double-transfer vulnerability caused by a lack of input validation. In this blog, we have shared a detailed analysis of the exploit.

Duelbits, the crypto casino, was exploited on the Ethereum and BNB chains, reportedly due to the compromise of the private keys, which resulted in a loss of funds worth approximately $4.6 million. The stolen funds include assets in USDT, APE, and SHIB tokens. The exploiter later bridged the stolen assets from the BNB chain to Ethereum after swapping USDT, APE, and SHIB to ETH. All of the stolen assets were swapped for roughly 1760 ETH and then transferred to an EOA.

A user was the target of a phishing scam, which saw them lose 18,02,50,001 BEAM tokens worth approximately $5.17 million. The victim reportedly signed an increase allowance transaction, and the allowed token spender is a SafeWallet address. The hacker then proceeded to exchange the stolen tokens for ETH. A portion of the stolen funds were deposited on centralized exchanges such as eXch and Kucoin.

Fixed Float was exploited on the Ethereum Mainnet and Bitcoin networks, resulting in a loss of 1,728 ETH, worth $5.054 million, and 409 BTC, worth $21.476 million, totaling approximately $26.53 million. The root cause of the exploit is rather unknown. The exploiter on the Ethereum Mainnet drained approximately 1076.78 ETH and 650 ETH across multiple transactions. On Ethereum, the drainer has already transferred most of the stolen ETH to multiple EOAs and then to eXch, which is a centralized mixer, in order to obfuscate the trail of the stolen assets.

Metaverse, and NFTs

The esteemed Scottish single-malt whisky brand, The Glenlivet, introduced an exclusive 50-year-old whisky collection to celebrate its bicentennial. This collection incorporates cutting-edge blockchain technology through NFTs and employs generative AI for the creation of its labels, embracing recent trends in technology. Named The Twelve Elements, the collection honors the twelve fundamental elements that define The Glenlivet’s distinguished single-malt whisky. Accompanying each bottle in the series is a distinctive NFT on the Ethereum blockchain, accessible via The Whisky Exchange’s Cabinet marketplace. These NFTs act as digital proof of ownership, enhancing its allure among whisky aficionados. Furthermore, generative AI was utilized to craft unique labels for each bottle, reflecting the specific element it represents. This launch reflects the broader evolution within the NFT domain, where a shift towards practical and real-world uses is anticipated by specialists. An auction for this exclusive collection is scheduled to commence on February 21, with prices expected to exceed $43,000. The bottles are slated for shipment later this year, accompanied by a digital certificate of authenticity.

The iconic Empire State Building introduced a novel NFT-based Ambassador Program on February 13, in collaboration with the web3 loyalty platform Uptop and the web3 wallet service Magic. Centered on the Empire State Building Observatory Experience, managed by the Empire State Realty Trust, this initiative aims to provide its participants with complimentary experiences and digital collectibles in an easy-to-navigate, visitor-centric approach without the need for prior Web3 knowledge. Following its recent renovation, the Empire State Building Observatory now features an interactive museum, an exclusive entrance for guests, and a revamped 102nd Floor Observation Deck, which boasts wall-to-wall views of New York City, with visibility extending up to 80 miles on a clear day. The Ambassador Program, open to all without charge, leverages Uptop and Magic to award unique NFTs to frequent visitors. These serve as both digital mementos and access to customized perks.

Lamborghini unveiled a novel series of NFT car collections through a partnership with VeVe Marketplace on February 18. This collaboration propels Lamborghini’s brand to new heights by introducing an exclusive NFT series that is bound to captivate both automobile aficionados and NFT collectors. Lamborghini is no stranger to the realms of Web3 and cryptocurrencies, marking this venture as yet another stride into the NFT domain with VeVe. By converting their iconic sports cars into NFTs, Lamborghini presents a distinctive chance for enthusiasts and collectors to acquire a digital piece of the prestigious brand. The anticipation around this NFT series is considerable, and rightfully so. These digital tokens will not only be scarce but will also feature an exceptional level of precision and authenticity, courtesy of VeVe’s technology.

OnChain Insurance Industry News

Neptune Mutual updated the recording of their monthly Discord community town hall meeting for the month of January 2024 on their YouTube channel.

Neptunites that used the testnet will remember the bond pool feature, discussed in the What are Bond Pools? blog in May 2023. Neptune Mutual will soon be launching a bond program together with a strategic partner. Stay tuned to their X (formerly Twitter) account for upcoming details.