TL;DR
- Over $21.37 million was lost in multiple DeFi hacks.
- Animoca Brands marks a decade of NFT and Metaverse innovation.
- Chillz integrates with the Rarible Protocol to revolutionize the NFT marketplace experience.
Blockchain Hacks
Bill Lou, the co-founder of Nest Wallet, was drained of approximately $125,000 worth of stETH after approving a malicious transaction on a phishing website impersonating a token and its airdrop campaign.
Radiant Capital was exploited on the Arbitrum Chain due to a smart contract vulnerability, which resulted in a loss of 1902 ETH, worth approximately $4.5 million. The root cause of the exploit is the loss of precision during smart contract operations. The attacker was able to exploit a time window when a new market is activated in a lending market, forked from AAVE, or Compound. The issue was vested in the newly created USDC market on the Arbitrum chain, which was exploited 6 seconds after its deployment. In this blog, we have shared a detailed analysis of the exploit.
The Gamma Protocol was exploited on the Arbitrum Chain due to a smart contract vulnerability, which resulted in a loss of assets worth approximately $6.18 million. The root cause of the exploit is due to the price manipulation of the underlying assets. We have shared a detailed analysis of the exploit in this blog.
CoinsPaid was exploited, which resulted in a loss of assets worth approximately $7.5 million. The root cause of the exploit remains unknown at the moment; however, it may likely be related to inadequately maintained wallet access control. The stolen assets include 4,800,000 USDT, 500 ETH, 97,118,132 CPD, 106,234 USDC, 924,000 worth of BSC-USD, and 268.5 BNB. The CPD tokens were converted to ETH, while the remaining assets were sent to various externally owned addresses. A portion of the stolen assets were also sent to MEXC, WhiteBit, and ChangeNow.
The AragonDao protocol recently found itself targeted in a cryptocurrency scam, resulting in a substantial loss of approximately 800,000 USDC. The attack employed a multi-faceted approach, combining counterfeit ERC-20 tokens that imitated legitimate assets, the creation of deceptive vanity addresses, and the strategic use of automated monitoring bots.
The MangoFarm project is suspected of a rug pull, in which funds worth approximately $1.034 million were misappropriated. The official Twitter account of the project has subsequently been deleted.
The XKING token on the Arbitrum chain is suspected of being a rug-pull, in which funds worth approximately $1.24 million have been stolen. The hacker has already transferred all of the stolen funds from the Arbitrum chain to the Ethereum Mainnet and then laundered them to Tornado Cash. The social media channels of the project have been deleted.
Metaverse, and NFTs
Animoca Brands marked its tenth anniversary by celebrating the impact and progress of its foremost NFT and Metaverse initiative, Mocaverse. This milestone garnered significant attention, with the company’s social media announcement on X (previously known as Twitter) attracting over 36,000 views, indicating a strong connection with its audience. This reflects the company’s decade-long dedication to innovation in the blockchain sector. Central to this achievement are the Mocaverse NFTs, which play a crucial role in linking and enhancing the experiences of more than 400 companies in their portfolio. These NFTs are key to developing the open Mocaverse Metaverse, merging a Web3 lifestyle with genuine ownership. Originally starting with a collection of 8888 NFTs, the Mocaverse has expanded into a thriving ecosystem with over 200,000 Moca ID holders. The Metaverse, however, extends its utility beyond just digital identities. It acts as a connector for diverse cultures and communities, fostering the growth of the most extensive on-chain economy and promoting broad-based acceptance.
Chiliz has integrated Rarible’s innovative protocol into its Chiliz Chain, signaling a significant development in the NFT marketplace and digital collectible sphere. This allows developers to utilize the Rarible Protocol for creating tailored NFT marketplaces within the Chiliz Chain. Moreover, this integration offers SportFi dApps, wallets, and marketplaces immediate access to data on NFT ownership and history, thereby improving the NFT user experience. The focus of this integration is on efficiency and cost-effectiveness. Rarible’s dedication to minimizing gas consumption and offering high-efficiency tools is in line with Chiliz’s objective to facilitate a seamless and user-centric NFT experience. Innovations such as splitting fees among creators and ongoing optimization of smart contracts are expected to reduce expenses and make NFT transactions more affordable for users.
OnChain Insurance Industry News
Neptune Mutual shared their 2023 yearly report, which highlights their accomplishments for the year, which include becoming the number one DeFi insurance protocol on the Arbitrum chain, launching the marketplace on multiple networks, and many others. Additionally, the team also hosted their December Monthly Townhall Call on Discord, led by co-founder Edward Ryall.