Weekly Report (May-01, 2023)


  • Romania has launched an institutional NFT marketplace for both the public and private sectors.
  • The Vatican Library has collaborated with NTT Data on a NFT solution.
  • Adidas has released the Indigo Herz Pack NFT collection.

Blockchain Hacks

Ordinals Finance, the Ethereum-based DeFi protocol, was reportedly identified as an exit scam project that resulted in the loss of funds worth $1 million. The team has deleted all of their social media accounts as well as the project’s website.

Merlin DEX on zksync was reportedly identified as a rug pull, resulting in a loss of approximately $1.82 million. The exploit was possible because the initialize function, called at the time of the deployment, would approve assets for their factory owner. Therefore, the owner was able to transfer all funds from the pool and exhaust the liquidity completely.

The 0vix Protocol on the Polygon chain was exploited, resulting in a loss of approximately $2 million. The debt value in the contract is calculated based on the balance of the GHST token in the contract, vGHST. The exploiter was able to manipulate the conversion ratio of the vGHST by transferring large amounts of GHST tokens directly to the vGHST contract. The attacker initially took a large amount of flash loans using GHST tokens and used them to mint vGHST tokens. The exploiter lent yet another 24.5 million USDC and used roughly 6.15 million USDT as collateral to borrow vGHST assets from 0VIX pools, repeating the process to create a debt position. They then self-liquidated their vGHST debt to get back their collateral of USD while also keeping the USD they borrowed safe, hence leaving the account with bad USD debt. In the end, the attacker took their collateral and redeemed vGHST tokens for GHST, while all the borrowed assets during the flash loan were paid back, keeping the remaining assets as profits.

Metaverse, and NFTs

Romania is intensifying its Web3 campaign by launching a new NFT platform that connects both the public and private sectors. The National Institute of Research and Development in Informatics of the Eastern European nation has created an institutional NFT marketplace that allows both public and institutional users to mint, manage, and trade NFTs. The NFT platform was developed in collaboration with blockchain infrastructure provider MultiverseX and launched with five initial NFT collections created in collaboration with notable Romanian athletes, organizations, and institutions, including the Romanian Olympic and Sports Committee.

The Vatican Library and NTT DATA have joined forces to create a digital archive of its extensive collection using AMLAD digital archiving solution. This is the first Web3 Community Platform initiative to digitize the library’s extensive collection of cultural assets. The library seeks to both preserve priceless relics of human history and increase public access to them. The campaign rewards supporters with NFTs for promoting the initiative on social media or demonstrating their support for the Vatican Library. These NFTs provide access to high-resolution images of fifteen cultural heritage objects possessed by the library, along with explanatory texts. The library possesses an extremely large collection, which includes 1.6 million printed books, 80,000 manuscripts, 300,000 coins and medals, and 150,000 prints and drawings.

Adidas is creating new boundaries in the fashion world with the launch of the Indigo Herz Pack. The NFT collection combines conventional design with cutting-edge technology. The most recent Indigo Herz Pack is a commemoration of its transformation into the realm of the metaverse. It consists of 2145 sets of Superstar footwear and 2195 hoodies with printed designs. The ALTS by Adidas holders will have priority access to the NFT collection, demonstrating Adidas’ commitment to fusing the Web2 and Web3 worlds. Additionally, all of the adiClub members will have priority access to the collection. The Indigo Herz Pack will go on sale to the general public on May 5 on its website, app, and in select stores across the globe.

OnChain Insurance Industry News

Neptune Mutual hosted their monthly townhall call with co-founder Edward Ryall, in which he shared the team’s preparation with respect to the upcoming token launch, development and marketing initiatives, and more.

The InsurAce Protocol airdropped NFTs to their community members as a part of their two-year anniversary celebration.