Weekly Report (Jun-24)

TL;DR

  • Over $13.21 million was lost in multiple DeFi hacks.
  • OneFootball joined forces with Mocaverse to launch the Universal Football ID for fans.
  • The Vatican Library taps into NTT DATA Italia to preserve manuscripts via NFTs.
  • Konami expands its Web3 services with the Resella NFT Platform on Avalanche.

Blockchain Hacks

CoinStats, the crypto portfolio app, was the target of a security incident that affected 1,590 wallets, or roughly 1.3% of all of the CoinStats wallets. The mobile application available on both the Play Store and App Store sent out scam notifications, falsely informing users of a reward, and then redirected them to log into the CoinStats AirScout wallet. The link directed users to a drainer website, which was promoted via a push notification from the app as well as the official in-app notification on the home screen of the application. The total loss caused by the incident is around $2 million. The root cause of the issue is unknown at the moment. However, it is speculated that the private keys were likely stored on their server, which the attacker gained access to by phishing a privileged individual from within the company. The randomness of the wallet generated wasn’t strong enough to likely have been exploited by an attacker, allowing them to recreate the private keys of the old wallets.

The NFT aggregator of OKX was hacked due to a smart contract vulnerability, which resulted in a loss of assets worth approximately $14,000. The root cause of the exploit is an access control issue. The vulnerability existed for over a year, but the hacker exploited the vulnerable contracts roughly 2 months ago, but then finally drained funds from the victims, likely to cash out more profits at a later point in time.

A DeFi user was the target of a phishing attack orchestrated by an Inferno Drainer, which resulted in a loss of assets worth approximately $11.2 million, which includes 3,657.26 aETHMKR worth $8.76 million, 1.245 million PT-sUSDE-26SEP2024, and 1.3 million PT-sUSDE-25JUL2024. The victim had reportedly signed multiple permit phishing signatures.

Metaverse, and NFTs

OneFootball joined forces with Mocaverse to introduce Football ID, a decentralized identifier designed for over 200 million football enthusiasts globally. Football ID will function as a universal decentralized identifier (DID) for fans, allowing them to monitor their participation and loyalty in football-related activities. Mocaverse will support Football ID with its interoperable infrastructure using the Realm Account System SDK. This project seeks to improve the fan experience and explore new avenues for community engagement within the Moca ecosystem. Fans can acquire personalized DIDs, such as name.football, through the OneFootball app, granting them access to various experiences in the Moca Network, including GameFi, intellectual property, and music. Additionally, users can earn Realm Points, the reward system within Mocaverse’s network.

The Vatican Library launched a new initiative in partnership with NTT DATA Italia to preserve its vast manuscript collection using blockchain technology. As part of this effort, NFTs will be distributed to donors and social media users in Italy. The Web3 Support Project is designed to grow the library’s online community and engage supporters through modern technology. Participants who share the project on social media by July 16 will receive a Silver NFT, granting access to 15 different manuscripts. Meanwhile, donors will receive a Gold NFT, which provides access to 21 manuscripts. These soulbound NFTs are non-transferable and permanently linked to the recipient’s digital wallet. A proof-of-concept for the project listed on OpenSea indicates that Polygon-based NFTs have been distributed to 419 distinct owners so far.

Konami Digital Entertainment, the digital division of Konami Group, announced that its NFT provision solution, named Resella, will be built on the Avalanche blockchain. Resella enables the creation, issuance, and trading of NFTs across various services and includes a marketplace for users to buy and sell these digital assets. This collaboration aims to enhance the platform’s capabilities to support a broader range of companies and organizations interested in Web3 services. The initiative is also expected to provide zero gas fees for users and consistent processing speeds. The platform is designed not only to develop new Web3 services but also to transition existing Web2 services to Web3.

OnChain Insurance Industry News

Neptune Mutual announced that the Governance Proposal for Gauge Controller Epoch #3 was open for voting for Popular DeFi Apps and Prime dApps on the Arbitrum Network, with the voting concluding on June 24. Epoch 3 of the Liquidity Gauge Pool will start after June 28, and another 375,000 NPMs will be emitted to qualifying cover pool LPs that have locked their proof-of-deposit (POD) tokens.

Cover policies continue to sell well in the Neptune Mutual Arbitrum marketplace, cementing Neptune Mutual’s position as the leading DeFiInsurance protocol on this network.