TL;DR
- Google Play opened the doors to NFT in Android applications and games.
- The Thyssen-Bornemisza National Museum is set to mint an exclusive collection of Van Gogh NFTs.
- Magnificent Century is set for its launch in the Sandbox Metaverse.
Blockchain Hacks
Arcadia Finance was exploited on the Ethereum and Optimism chains, resulting in a total loss of approximately $459,030. The root cause of the vulnerability is a lack of reentrancy protection, which caused the liquidation of funds from two of their darcWETH and darcUSDC vaults. The financial impact from the exploit on the Ethereum chain is 103,200.65 USDC and 11.047 ETH, while the loss on the Optimism chain is 59,427.42 USDC and 148.22 ETH. The attacker on the Optimism chain transferred all profits worth 179.30 ETH to Tornado Cash. In this blog, we have shared a detailed analysis of the exploit.
Libertify was exploited on both the Ethereum and Polygon chains, resulting in a loss of approximately $452,000. The root cause of the exploit is a lack of reentrancy protection on the deposit function of the LibertiVault contract, allowing the attacker to reenter the vulnerable function to take away more shares. We have shared a detailed analysis of the exploit in this blog.
C3PO was reportedly identified as a rug-pull, as their deployer removed 79 ETH, worth approximately $148,000, from Uniswap and transferred it to a different address under their control. The Twitter handle of the team is suspended.
Rodeo Finance was exploited on the Arbitrum chain, resulting in a loss of 472 ETH, worth approximately $888,000. The root cause of the exploit is a flawed price oracle dependency, allowing for the pair reserves, unshETH and WETH, of a UniswapV2 pool to be manipulated due to the pool’s depth. The exploiter bridged all of the stolen funds from Arbitrum to Ethereum, swapped 285 ETH for unshETH and deposited them to Ankr: ETH2 Staking, and transferred 150 ETH to Tornado Cash, while funds worth 371 ETH were still parked at the address controlled by them. In this blog, we have shared a detailed analysis of the exploit.
Platypus was exploited on the Avalanche chain, which resulted in a loss of funds worth approximately $51,000. The root cause of the exploit is an issue with the liquidity conversion calculation for LP-USDC, and the quantity calculation of USDC_E is too large when swapping USDC for USDC_E. The price difference between the two pools was not taken into account during the token exchange via CoverageRatio, which ultimately allowed users to arbitrage by depositing USDC and then withdrawing more USDT.
The WGPT Token was exploited on the BNB chain, resulting in a total loss of approximately $82,000. In the transferFrom function of the affected contract, the invocation procedure removes liquidity, swaps the obtained BUSD for the WGPT token, and burns a portion of it, leading to an artificial increase in the price of the WGPT token. The attacker called this function multiple times to deposit into the pair and withdraw it through the skim function, repeatedly increasing the price of WGPT before ultimately swapping the held WGPT for USDT as profits.
Metaverse, and NFTs
Google Play, the Android application store, announced a monumental policy shift that could significantly bolster the realm of NFTs. The updated guidelines indicate that developers will soon have the capability to incorporate digital assets into their games and applications. As per the revised terms, enterprises can introduce tokenized asset transactions, thereby manifesting their blockchain activities via the Play Console provided by Google. This move offers partners the opportunity to rethink traditional gaming structures by introducing player-owned content while simultaneously strengthening user allegiance through unique NFT incentives. This transformation has been championed in collaboration with Reddit, a community platform that previously achieved substantial success with its own Avatar NFT initiative.
Thyssen, the renowned National Museum of Spain, plans to introduce an exclusive NFT collection featuring distinguished works by Van Gogh. This will be accomplished via the Olyverse Platform, a decentralized celebrity fan club that seeks to innovatively eliminate the distance between stars and their followers. The approach utilizes NFTs as a connective element within this ecosystem. Every NFT, embodying an original masterpiece, is part of a confined edition, with a mere 100 up for grabs in association with Telefónica and its dedicated NFT marketplace. This initiative facilitates a variety of interactions between celebrities and their fans, allowing them to engage in various activities and immersive experiences within the metaverse.
Sorare announced its most recent offering in the form of officially licensed NFT digital collectibles, which will showcase the top five NBA draft recruits. Included among these stars is NBA player Victor Wembanyama of the San Antonio Spurs, who will feature in this digital card auction. Sorare users are given the chance not just to bid for these prized NFTs but also to gather them and employ them within their virtual Sorare NBA teams during the forthcoming NBA season. These unique edition cards, bearing a rookie badge, are set to be part of the exclusive collection of rare cards for the 2023–2024 season, offering a bonus of a 10% XP boost for the duration of the season.
Magnificent Century, a globally renowned historical fiction drama series from Turkey boasting over 500 million viewers worldwide, is strategizing its debut on The Sandbox Metaverse. This collaboration will empower The Sandbox’s gaming community to construct their own narrative experiences using both original and popular characters from the series. Characters from the celebrated show will be accessible within the Sandbox in the last quarter of the current year. Along with the opportunity to style their avatars inspired by the TV show’s characters, Sandbox participants will also be granted access to exclusive NFTs and interactive events on the platform.
OnChain Insurance Industry News
Neptune Mutual announced the launch of their Neptunite Content Creation Program, in which prospective content creators can have the opportunity to earn up to $2500 in rewards. They also announced that they will be attending EthCC Week in Paris! Get in touch with the team if you would like to meet up.
Tidal Finance announced that their V2 model is set to launch on July 17.