Weekly Report (Feb-26)


  • Over $18.93 million was lost in multiple DeFi hacks.
  • Forbes announced a permanent place in the Sandbox Metaverse.
  • Mumbai launched Metropolis Metaverse to showcase their infrastructure projects.
  • Stephy Fung unveiled the Four Dragons collection in collaboration with Polygon blockchain.

Blockchain Hacks

Jihoz, the co-founder of Axie Infinity and Ronin Network, was hacked due to the compromise of the private keys, which resulted in a loss of assets worth over 3248 ETH totaling roughly $9.7 million. The attack is limited to two of his personal accounts and has nothing to do with the validation or operations of Sky Mavis or the Ronin bridge. The stolen assets were initially transferred to the hacker’s address on Ronin, later bridged to Ethereum, and then eventually laundered to Tornado Cash.

Blueberry Protocol was exploited on the Ethereum Mainnet due to a smart contract vulnerability, which resulted in a loss of 457 ETH, worth approximately $1.34 million. The root cause of the exploit is inconsistent usage of the price oracle feeds, which failed to accurately adjust the decimal precision of the underlying assets. We have shared a detailed analysis of the exploit in this blog.

LastPass, the password manager, suffered a breach targeting over 22 users, with losses exceeding $6.2 million. The stolen funds on EVM have already been swapped and bridged to Bitcoin via THORChain.

Risk On Blast was identified as rugpull, in which funds worth 420 ETH totaling approximately $1.25 million were misappropriated from over 750 users. The exploiter withdrew all of the funds held in the ROB contract and swapped them to DAI. The scammer has already transferred $497,000 through Change Now, $360,000 to MEXC, and $187,000 to ByBit Exchange. The X (formerly Twitter) profile of the project has been deleted.

The Twitter account of Micro Strategy was compromised, resulting in a loss of over $440,000 worth of assets. The scammers then posted multiple link impersonators in their posts feed. One of the victims, who reportedly signed a Uniswap Permit2 permit batch signature, gave away multiple token approvals to the exploiter, resulting in losing $424,786 worth of wBAI, wPOKT, and CHEX tokens.

Metaverse, and NFTs

Forbes has now made its mark in the metaverse by setting up a permanent spot in The Sandbox. This significant step not only underscores Forbes’ commitment to the Web3 domain but also highlights its conviction in the metaverse’s revolutionary capabilities. The space created in this virtual world is intended to act as a lively center for community engagement, aiming to enhance interactions, engagements, and collaborative efforts within the Forbes Web3 community. Through this venture, Forbes seeks to transcend the usual limits of interaction by introducing an array of interactive activities, workshops, and events. These efforts are designed to unite individuals from different fields, encouraging impactful discussions and networking in a dynamic, engaging setting. With an emphasis on meticulous design and detail, Forbes’ metaverse spot boasts a luxury swimming pool, a sophisticated bar, and an extensive gallery dedicated to the 2024 Under 30 honorees. Each aspect of this space has been carefully selected to create a compelling, visually appealing setting that promotes discovery and engagement.

Mumbai, recognized as both the capital of Maharashtra and the financial and commercial heartbeat of India, has embarked on a metaverse project designed to display its recent and soon-to-be-unveiled major infrastructure ventures throughout the city. This initiative, known as the Mumbai Megapolis Metaverse, has been launched as a platform with open access, allowing individuals to explore a variety of city development projects in and around Mumbai through the use of 3D imagery and virtual reality innovations. Maharashtra’s Deputy Chief Minister, Devendra Fadnavis, took to Twitter to unveil this project, extending an invitation to people around the globe to experience the city’s ongoing metamorphosis. Through the Mumbai Megapolis Metaverse, residents have the ability to virtually monitor the progress of significant undertakings that impact their daily lives in a tangible way. With availability on both a website and through specific applications on the Google and Apple app stores, it offers an accessible route for users to conveniently oversee these developments.

Digital fashion innovator Stephy Fung unveiled her first collection for the SYKY Collective during NFT Paris, signaling the luxury fashion startup’s integration into the Polygon blockchain network. Named “Four Dragons,” Fung’s series draws inspiration from her Chinese roots and celebrates the current zodiac cycle, the Year of the Dragon. The collection features four distinct digital fashion pieces: Long Dragon, Pearl Dragon, Yellow Dragon, and Black Dragon. The Yellow Dragon piece will be accessible in both digital and physical forms, whereas the Pearl Dragon will be offered exclusively on the Polygon platform. This collection merges modern streetwear with classic Chinese garments, set against backdrops that recall traditional Chinese art.

OnChain Insurance Industry News

Neptune Mutual is among the selected projects participating in the Sushi Bonds pool program. This initiative provides a sustainable liquidity solution by transforming bonds into Protocol-Owned Liquidity (POL), offering a cost-effective alternative to traditional liquidity mining.

Neptune Mutual announced that the NPM token rewards have been successfully transferred on the Arbitrum network to the winners of the Avalanche testnet competition.