Weekly Report (May-13)

TL;DR

  • Over $2.52 million was lost in multiple DeFi hacks.
  • The Voice unveiled the NFT and Metaverse experiences on The Sandbox.
  • Ghana Post debuts blockchain-enhanced NFT stamps for royal celebrations.
  • Earth From Another Sun launched Citizenship NFTs on Solana, powered by the Eden Garden launchpad.

Blockchain Hacks

The GNUS token was exploited on the Fantom network due to a smart contract vulnerability, which resulted in a loss of assets worth approximately $1.27 million. The attacker obtained access to one of the critical functions of the contract, which allowed them to copy the token manager’s salt deployed on the Ethereum Mainnet and redeploy the token manager on Fantom. They were then able to mint fake GNUS tokens on the Fantom chain and then cross-reference them to the Ethereum Mainnet.

The staking contract of Perpy Finance was exploited on the Ethereum Mainnet, in which the hacker was able to illicitly take away approximately 58,489,594 PRY tokens, which were later sold for 41.895 ETH, amounting to roughly $132,000. The root cause of the exploit was an error in initializing the unaudited proxy contract for the staking liquid module, which was a fork of the staking vested model previously audited and used by Camelot.

Saturn, the new token issuance protocol, was exploited on the BNB chain, which resulted in a loss of 14.16 BNB, worth approximately $8,343. The protocol would reportedly burn and sync the asset amount before any prior token transfers, which led to a price manipulation attack that caused their SATURN/WBNB pool to be entirely empty.

The OSN token was exploited across a series of transactions on the BNB chain, which resulted in a loss of assets worth approximately $110,000. The root cause of the exploit is due to flawed control mechanisms on transfer and reward distribution, allowing the attacker to manipulate the reward payout. In this blog, we have shared a detailed analysis of the exploit.

The GPU token was exploited on the BNB chain, which resulted in a loss of assets worth approximately $32,000. The root cause of the exploit is an incorrect balance update. The attacker was able to transfer the tokens to themselves, and the balance calculation would override this update. The price of the underlying token dropped by 100% following the exploit.

A fake Lifeform or LFT token was identified as an exit scam on the Ethereum Mainnet, in which funds worth approximately $243,000 were misappropriated. The deployer was able to call a backdoor function to mint an enormous amount of additional tokens and dump them on the DEX pair to drain roughly 81 ETH worth of assets.

The Galaxy Fox token was exploited on the Ethereum Mainnet due to a smart contract vulnerability, which resulted in a loss of over 108 ETH, worth approximately $330,000. The root cause of the exploit is a lack of regulated access control. We have also shared a detailed analysis of the exploit in this blog.

Tsuru was exploited on the Base chain due to a smart contract vulnerability, which resulted in a loss of 137.78 ETH, which was worth approximately $410,000. The root cause of the exploit is a lack of regulated access control, which would allow anyone to mint the TSURU token and later swap it for ETH in the Uniswap Liquidity pool. In this blog, we have shared a detailed analysis of this exploit.

Metaverse, and NFTs

The Voice introduced a gamified metaverse initiative titled “The Voice Coach Battle,” offering the show’s enthusiasts a chance to guide singers and earn NFTs based on their accurate forecasts during the live broadcasts. This innovative experience results from a partnership involving Virtual Brand Group (VBG), ITV Studios, and the Sandbox metaverse platform. Participants can engage in activities akin to those of the show’s celebrity coaches, including the iconic act of sitting in the red chairs and pressing the notable big red button. Moreover, the initiative not only allows participants to assume the roles of virtual coaches within the metaverse but also encourages interaction with the 25th season of NBC’s “The Voice” from within the game itself. By engaging with the live show and making correct predictions about which contestants will progress or win, fans can gain NFT rewards. Tailored for a generation that has matured with social media and the creator economy, this gamified social experience in the metaverse and Web3 enables audiences to actively participate in and contribute to the show.

Ghana became the first African nation to introduce a series of stamps secured by blockchain technology, marking a significant step in combining traditional practices with modern digital advancements. Initiated by Ghana Post, this initiative launched NFT-linked postage stamps in honor of King Otumfuo Osei Tutu II’s 25th anniversary on the throne. Out of the 7,200 Crypto Stamps issued, each priced at 250 Ghanaian cedi (approximately $18), these stamps blend cultural themes with blockchain technology, celebrating the King’s quarter-century leadership. While Ghana Post also offers other collections at more affordable prices without NFT features, it does provide a premium gold frame stamp at the striking cost of 100,000 cedi, or $7,200. Buyers of the crypto stamps have the unique opportunity to manually connect their physical stamp with its digital counterpart, enhancing its uniqueness with the help of NFC chips that facilitate pairing. This integration allows collectors to easily verify the authenticity of these commemorative items by scanning them with a smartphone, which confirms the stamp’s authenticity and significantly reduces the risk of counterfeiting.

Earth From Another Sun or EFAS, a multiplayer online game centered on galaxy exploration, recently initiated its Citizenship Passport NFT mint event. This event provided gamers with the opportunity to acquire an NFT passport that grants access to several exclusive in-game features such as special airdrops, gameplay bonuses, early entry to Alpha and Beta tests, point multipliers, among others. The minting of these Citizenship Passport NFTs was conducted on the Solana blockchain, featuring a limited edition of 1,000 NFTs each priced at 2 SOL tokens, equivalent to approximately $283. Participants were able to join the Kepler Citizenship Program, EFAS’s dedicated mission platform, to secure a spot on the whitelist. Through this program, players also had the chance to accumulate contribution points by completing various missions, which could be redeemed for future perks within the game.

OnChain Insurance Industry News

Neptune Mutual cofounder Edward Ryall was invited to an Arbitrum Space to chat about the rewards available to Arbinauts from the Neptune Mutual cover marketplace. Edward chatted with Churro about the launch of NPM emissions to cover pool LPs and how LPs can boost their allocation of NPM emissions by locking up their NPM tokens for veNPM tokens and locking their proof-of-deposit tokens at the beginning of each epoch. Edward guided Arbinauts to Neptune Mutual’s YouTube channel, where there is a tutorial about veNPM and the liquidity gauge, as well as Neptune Mutual Snapshot voting.

Neptune Mutual’s Explorer has been improved to include a drop-down menu for event tracking. The Explorer provides an easy way to track activity in the Neptune Mutual Marketplace, which has now seen over 26K transactions since launch.

Neptune Mutual had their monthly live townhall for the month of April on their Discord and the recording was uploaded to their YouTube channel.

Bumper Finance announced the launch of their Bond Boost initiative, which gives users the option to bond their BUMP tokens on either side of the Bumper position market.