TL;DR
- Over $13.59 million was lost in multiple DeFi hacks.
- Sony unveiled a super-fungible token for NFT-powered gaming assets.
- Ubisoft collaborated with Cross the Ages for Watch Dog NFT cards.
- OpenSea and Coachella collaborated to launch NFT collections on Avalanche.
Blockchain Hacks
WOOFi was exploited on the Arbitrum Chain due to price manipulation of the underlying assets, which resulted in a loss of assets worth approximately $8.75 million. In this blog, we have shared a detailed analysis of the exploit.
The project OrdiZK on the Ethereum Mainnet orchestrated an exit scam by taking away approximately $1.4 million worth of funds. The scammers used a variety of tactics to steal from investors, including hoarding taxes from sales, dumping a large amount of tokens, and abusing privileged roles to empty project contracts. The project enticed users into engaging with it by offering large returns on staked OZK and urging them to migrate to the V2 version of their protocol, citing a vulnerability. After the migration deadline, the deployers kept selling the tokens reportedly held by them during the migration process, causing a massive slippage in the price of the OZK tokens.
Humanized AI was identified as an exit scam, in which funds worth 173 ETH totaling approximately $665,000 were misappropriated. The team had an operational website, litepaper, and contract audit with KYC, but was reportedly rugged within their presale. The Twitter account and website of the associated team have since been deleted.
The project FLOKIAI on the BNB chain is suspected of being a rug-pull in which funds worth 316.4 BNB, amounting to approximately $148,000, were misappropriated. Similarly, the project ClosedAI on the BNB chain is also suspected of being a rug-pull in which funds worth 307.3 BNB, amounting to approximately $131,000, were misappropriated. These rug-pull tokens share the same name as the legitimate ones.
Unizen was exploited on the Ethereum Mainnet across multiple transactions, which resulted in a loss of assets worth approximately $2.5 million. The exploit was a result of an arbitrary external call vulnerability caused during the upgrade of their DEX Aggregation contract. Multiple malicious actors took advantage of users who had interacted with and approved a higher spending limit for USDT to steal their funds.
Metaverse, and NFTs
Sony announced a patent application for the development of super-fungible tokens in gaming. These tokens, which are part of a play-to-earn system and stored on a distributed ledger, could allow gamers to possess distinct in-game items and exchange them amongst themselves. The patent details a super-fungible token as an integrated entity made up of various non-fungible tokens, each linked to different gaming assets. Although the patent leaves open whether Sony’s blockchain will be public or private, it indicates the company’s interest in incorporating NFTs into its gaming platforms. The move towards NFTs by Sony could significantly propel the integration of blockchain technology in the gaming industry, irrespective of the blockchain it opts for.
Ubisoft partnered with Cross the Ages to introduce in-game trading cards inspired by the acclaimed Watch Dogs video game franchise. These eagerly awaited cards will be available for purchase starting from April 3rd, injecting an additional element of excitement into the already captivating gameplay offered by Cross the Ages. The game features a distinctive card battle system and NFT trading cards created on Immutable X to enhance Ethereum’s scalability, offering players a deeply strategic gaming experience. Renowned for its pioneering use of NFTs across multiple platforms such as iOS, Android, Windows PC, and macOS, Cross the Ages has attracted a wide range of enthusiasts from both the gaming and cryptocurrency communities. Ubisoft’s collaboration with Cross the Ages highlights the gaming giant’s conviction in the transformative power of NFTs to elevate player engagement and ownership experiences.
OpenSea teamed up with the renowned Coachella music and arts festival group to launch three NFT collections on the Avalanche blockchain, blending digital and physical VIP experiences and merchandise. This collaboration will lead to the creation of three distinct collections, each providing unique benefits and levels of exclusivity. The first collection, named VIP Pass + Oasis Lounge Keepsake, is priced at 39.3 AVAX for each mint, with a limit of 1,000 NFTs. Holders of this collection will enjoy access to a VIP Festival Pass for 2024, along with entry to a new lounge that offers exclusive bar privileges, including a selection of free drinks. The subsequent collections are scheduled for release towards the end of March and in the middle of April, with specifics on their pricing and benefits to be disclosed later.
OnChain Insurance Industry News
Neptune Mutual shared the recording of their February Monthly Townhall with co-founder Edward Ryall on their YouTube channel.
Over 100 #Neptunites purchased cover policies in the Neptune Mutual marketplace on the #Arbitrum network last week, cementing Neptune Mutual’s position as the number 1 #DeFiInsurance protocol on Arbitrum.