Weekly Report (Jul-03)


  • Over $9.8 million were lost in multiple DeFi hacks.
  • Vodafone is set to make its first foray into the NFT space.
  • Byte City is set to host a tribute to Bruce Lee in the Metaverse.
  • Crypto.com partnered with Lega Series A for a special NFT drop.
  • Funko is set to release NFTs featuring characters from Stranger Things.

Blockchain Hacks

Chibi Finance, a DeFi yield aggregator, performed an exit scam resulting in the misappropriation of funds exceeding $1 million. The stolen funds were swapped into approximately 555 ETH and transferred from the Arbitrum network to Ethereum. The team behind Chibi Finance has taken down their website and Twitter account. Furthermore, all of the stolen funds have been successfully transferred into Tornado Cash.

The Themis Protocol was exploited on the Arbitrum One chain due to a flawed price oracle, which resulted in a loss of funds worth approximately $370,000. The root cause of the exploit is an inaccurate Balancer LP token price oracle. The attacker manipulated the LP token price by exchanging tokens within the Balancer pool, the price of which is determined by aggregating the total value of all tokens in the pool. We have highlighted a detailed analysis of the exploit in this blog.

Unagii was exploited as a result of a smart contract vulnerability, causing a loss of 65.7 ETH, worth approximately $123,500. The team reportedly identified a vulnerability in their code and preemptively made a white-hat withdrawal to secure the affected funds. All of the funds were swept to an EOA controlled by the team, and they will be working on procedures to reimburse the affected users.

The DOGE3.0 token on Ethereum was identified as a rug-pull, in which funds worth approximately $70,000 were swept away. The token contract contained a backdoor in the burn function to mint unlimited tokens. The deployer of the contract minted a large number of its underlying tokens and swiftly swapped them all to drain the liquidity pool, making a profit of 36 ETH.

The new liquidity migrator contract of Biswap, meant for LPs to migrate their liquidity from v2 to v3, was exploited, which resulted in a loss of funds worth approximately $865,000. The root cause of the exploit is a lack of proper access control, allowing the attacker to steal tokens from the users who had approved LP tokens for the V3 Migrator contract. The attacker was also able to add arbitrary tokens for the V3 liquidity, as they also lacked checks validating whether those tokens were actually the V2 LP tokens. In this blog, we have shared a detailed analysis of this exploit.

Poly Network was exploited across multiple chains, including Ethereum Mainnet, Metis, and the BNB chain, resulting in a loss of funds worth approximately $7.388 million. The root cause of the exploit is likely to be the compromise of the private keys. The hacker minted over $34 billion worth of assets on multiple chains, which had no available sell liquidity. Therefore, most of these stolen assets are illiquid and will have no real value as such. We have highlighted a detailed analysis of the exploit in this blog.

Metaverse, and NFTs

Vodafone is poised to take a groundbreaking step into the realm of NFTs with plans to roll out its very own collection. This project, to be orchestrated by Vodafone Deutschland, will be operational on the Cardano blockchain. Given the telecom giant’s global presence, with a user base exceeding 353 million and more than 30 million customers under the umbrella of Vodafone Deutschland alone, its debut in the NFT space is predicted to have a considerable impact. The significant reach and influence of the company could act as a catalyst for widespread NFT acceptance and understanding, thus further fueling the expansion of the digital asset market.

Byte City is preparing to host a virtual homage to the martial arts superstar Bruce Lee. The lasting impact of Bruce Lee can be observed across the international gaming landscape, and this unique partnership signifies his debut in the Metaverse. The timing of this digital venture is poignant, coinciding with the 50th anniversary of Bruce Lee’s untimely passing on July 20, 2023. Byte City is arranging a special event to commemorate this martial arts luminary, offering Bruce Lee’s global followers a chance to partake in an engaging digital journey. All expressions of respect and homage to the legend will be permanently inscribed on the blockchain. This venture serves a dual purpose: it not only pays tribute to his enduring legacy but also fosters an engrossing community experience for his fans.

Lega Serie A has joined forces with Crypto.com to unveil an NFT series commemorating the highlights of the 2022–23 season. The primary attraction sees Crypto.com and Lega Serie A releasing nine NFTs in an unrestricted edition mint. These tokens are divided into three categories, representing the three involved competitions, and take the form of a 3D trophy, a 3D medal, and a celebration video. Nonetheless, potential collectors only have until July 3 to secure their unique fragment of football lore before the opportunity vanishes. Possession of all three tokens from any competition entitles the owner to an additional celebratory pennant, whereas accumulating the complete collection of nine will unlock a captain’s armband signed by a player. This is on top of the chance to participate in a group video call with a Lega Serie A ambassador.

Funko is poised to unveil a novel Digital Pop assortment featuring cherished personas from Stranger Things, reimagined with a fantastical twist. The forthcoming release consists of 25,000 premium packs retailing for $29.99 USD, each containing 15 Digital Pop!, as well as 75,000 standard packs priced at $9.99 USD, each containing a fantasy-infused Stranger Things character. Every pack gives buyers the opportunity to discover one of the fantasy-inspired Stranger Things characters, featuring the likes of the Dragon, Will the Wise, Lucas, Dustin, Mike, and Freddy, portrayed by Eddie Munson. Those interested can make their purchases on the Droppp.io NFT platform, accepting payment methods such as credit cards, Apple Pay, and Google Pay.

OnChain Insurance Industry News

Edward Ryall, Co-Founder of Neptune Mutual, joined an exclusive chat session on Binance Live.