Weekly Report (May-06)


  • Over $73.28 million was lost in multiple DeFi hacks.
  • TGL-Tattoo is set to transform tattoo art with NFT technology.
  • Casio joined forces with Astar Network for an exclusive NFT watch collection.

Blockchain Hacks

Pike Finance was exploited across the Ethereum Mainnet, Optimism, and Arbitrum chains, which collectively resulted in a loss of assets worth approximately $1.65 million. The root cause of the exploit is a misalignment in the storage layout of upgradeable smart contracts due to the introduction of a new dependency. This misalignment resulted in situations that allowed the attacker to bypass owner permissions. The attack transaction on the Ethereum Mainnet resulted in a loss of 479.39 ETH, which was worth approximately $1,443,114. On the Optimism chain, the attack resulted in a loss of 64,126 OP, which were worth approximately $150,458, while on the Arbitrum chain, the attack resulted in a loss of 99,970 ARB tokens, which were worth approximately $102,269. In this blog, we have shared a detailed analysis of the exploit.

Yield, a discontinued DeFi protocol, was exploited on the Arbitrum chain due to a smart contract vulnerability, which resulted in a loss of assets worth approximately $181,000. The attacker exploited a discrepancy between the pool token balance and total supply with flash-loaned assets, and then withdrew extra pool tokens to complete the attack.

NovaMind was identified as an exit scam in which funds worth 41 ETH, amounting to roughly $123,000, were misappropriated. The address linked with this transaction transferred these assets to a multisignature wallet, which is likely used for the project presale address. The social media account of the associated project has already been deleted, and the price of its underlying token fell by over 97 percent.

A DeFi user was reportedly scammed, which saw them lose approximately 1,155 WBTC, which were worth roughly $71.33 million at the time of this incident. An externally owned address mimicked a transfer of 0.05 ETH, which caused the victim to fall for an address poisoning attack, thereby sending these funds to the wrong address.

Metaverse, and NFTs

Casio marked its 50th anniversary by launching a unique NFT series in partnership with Astar zkEVM. This special collection included NFTs that celebrate classic Casio watch designs, which were made available for purchase starting May 1. In this partnership, the Yoki Origins platform featured Casio’s YoPort capsule machine, offering a gamified introduction to the platform. Customers could select from two purchase options: a single NFT or a bundle of eight NFTs. Casio collaborated with various artists to produce these digital artworks, which include eight distinctive pieces, each representing a different renowned Casio watch model. The designs of these artworks will be unveiled on Reveal Day, May 10. Additionally, Casio is promoting the NFT sales with several incentives, such as a special edition G-SHOCK watch adorned with the Astar zkEVM logo and ASTR tokens valued at approximately $65.

TGL-Tattoo is revolutionizing traditional tattoo art by merging it with NFT technology to forge a novel type of digital collectible. Boasting over three years of operational experience and having crafted more than 1,000 tattoos, the project seeks to redefine the essence of simple tattoos. Customers have the option to transform their existing NFTs into personalized tattoo designs, enabling them to own a piece of NFT history without enduring the tattooing process. The completed designs will be inked on volunteer participants, and the entire process will be documented via photos and videos. These media will then be converted into NFTs, which the owner can retain, sell, or trade on their chosen secondary marketplace. In support of this venture, the team is organizing a special auction to generate funds. The auction’s winner will collaborate with the artists at TGL-Tattoo to create a unique tattoo and will have the opportunity to suggest ideas for the design, making it an intimately custom experience.

OnChain Insurance Industry News

Neptune Mutual announced that the snapshot voting for Epoch #1 of Gauge Controller was concluded. The Gauge Controller is now set to emit a total of 375,000 NPM tokens to the Prime dApps and Popular dApps on the Arbitrum chain. To be eligible to receive these NPM tokens, PrimedApps and Popular dApps liquidity providers must lock their PODs; it is important to do this as soon as possible as NPM emissions over the Epoch will only start accruing from the moment that PODs are locked.

Neptune Mutual is set to join the Twitter Space-based AMA session with the Arbitrum Foundation on Monday, May 6, 2024, at 12:00 PM ET.