TL;DR
- Louis Vuitton debuted the VIA Treasure Trunk NFT to their top customers.
- Swarovski took its first leap into the Metaverse with trademark filings.
- PUMA and GutterCatGang collaborated to release the limited-edition NFT.
- AliExpress and Moment3 have collaborated to release a set of 5,555 NFT.
Blockchain Hacks
The NFDAO project was identified as a rug-pull. The deployer of the protocol drained all of the liquidity from the NFT/USDT LP to profit by approximately $88,300.
The USEA token on the BNB chain was identified as a rug-pull, in which funds worth $1.1 million were swept away. The deployer of the token minted over 867 million USEA tokens via the mint function and then transferred them to an externally owned address before ultimately selling the tokens for approximately 1,114,468 BUSD. The price of the USEA token dropped by over 99% following this exploit.
MuratiAI was reportedly identified as an exit scam. The exploiter repeatedly performed an emergency withdrawal of MURATIAI tokens and sold them on PancakeSwap for a profit of 315 BNB, amounting to approximately $88,000.
The SCT token was identified as a rug pull. The SCT deployer acquired their tokens from the initial minting and early purchases but ended up selling the whole supply for a total of approximately $286,000. The market sale resulted in almost 90% slippage in the price of the SCT token.
The SAUDI token was identified as a rug pull. The team initially funded approximately 0.3 ETH from FixedFloat and added 24 ETH of liquidity to swiftly manipulate the liquidity of the token. The added liquidity was removed shortly after, resulting in a profit of 51.5 ETH, amounting to $95,000.
Atlantis Loans was the target of a governance attack, which resulted in a loss of funds worth over $1.15 million. The exploiter was able to set themselves up as the administrator of the token’s proxy contract, thus gaining control over and manipulating its functionalities. This allowed them to add a backdoor function by modifying the logic of the contract in order to transfer the tokens authorized by the users.
Sell Token was the target of a price manipulation attack, which resulted in the loss of 446 BNB, worth approximately $104,000. The root cause of the vulnerability is a flaw in the spot price calculation for reward generation.
Sturdy Finance was exploited, and funds worth 442 ETH were stolen. The root cause of the vulnerability is due to the well-known read-only reentrancy associated with Balancer, which led to the faulty price oracle to compute the cB-stETH-STABLE asset price. All of the exploited funds worth approximately $775,332 have been laundered to Tornado Cash. We have shared a detailed analysis of the exploit in this blog.
Metaverse, and NFTs
Louis Vuitton debuted a limited series of NFTs through their Treasure Trunk collection, the first project in an ongoing Louis Vuitton series dubbed Via that will focus on granting exclusive and rarified access to the Louis Vuitton brand to selected high-paying customers. Each Treasure Trunk NFT, from among a few hundred collections, will come with a matching, made-to-order physical Louis Vuitton trunk, which routinely sells for tens of thousands of dollars. The NFTs will be soulbound, meaning they cannot be traded or transferred between individuals. Only residents of the United States, Japan, the United Kingdom, France, Germany, Canada, and Australia are eligible and will be able to register on a waitlist. Louis Vuitton will invite selected waitlist registrants to buy the digital collectibles with cryptocurrency or fiat on a dedicated website.
Swarovski is looking forward to making their first foray into the Web3 world by submitting metaverse trademark applications for a wide range of products. The news about the luxury brand came through Michael Kondouis, the U.S. trademark attorney, who took to Twitter to share the details of Swarovski’s filings. Swarovski intends to offer downloadable virtual goods, such as image files of jewellery and accessories, watches and clocks, pens and writing instruments, fashion, shoes, stationery, purses, accessories, precious stones, imitations, eyewear, clothes, and headwear. The trademark application attempts to protect non-medicated cosmetics and VR glasses. They are also experimenting with NFTs by applying for downloadable digital data such as sound and video records of fashion shows, videos, and memes, all of which are authenticated by NFTs.
PUMA has joined forces with Gutter Cat Gang (GCG) and NBA star LaMelo Ball to release a limited-edition Hoops NFT dubbed MB.03 GutterMelo. The NFT will be available for purchase on OpenSea on June 29th for $175. This digital collectible can be used as a pass to obtain an exclusive pair of the sneakers in physical form. Between July 18 and August 20, 2023, there is a one-month redemption window during which holders can claim their actual sneakers. The MB.03 is the third series of LaMelo Ball’s PUMA trademark sneaker franchise, combining his distinct style with PUMA’s NITRO foam technology for best on-court performance. The MB.03 GutterMelo NFT is a preview of the growing franchise, with further releases scheduled for the fall.
AliExpress and Moment3 have collaborated to release a set of 5,555 digital collectibles. This collaboration for the sale on June 25 brings together cutting-edge digital collectibles and a global online marketplace. Moment3 intends to offer exclusive benefits through these NFTs by creating partnerships with real-world businesses. This move by AliExpress follows the earlier announcement of their integration with Shopping.io, allowing users to pay for their purchases with cryptocurrencies. As the launch date approaches, more and more individuals are becoming enthused about this collaboration.
OnChain Insurance Industry News
Neptune Mutual announced that the marketplace transition period will end on June 14. This means that all current cover policy holders will have until the aforementioned timeframe to acquire NPM tokens in order to keep their covers valid based on the cover parameters. Additionally, they also stated that their cover marketplace is set to be launched on the BNB chain very soon.