TL;DR
- Over $372.6 million was lost in multiple DeFi hacks.
- Animoca Brands is set to integrate Ubisoft games into the Mocaverse.
- Axie Infinity launches NFT commercial rights for limited NFT holders.
- Nike and RTFKT unveil NFT-Integrated Dunk-genesis sneakers.
- Lockheed Martin introduces military training in the Metaverse.
Blockchain Hacks
OKX and Tether announced that they have collaborated with the United States Department of Justice (DOJ) in an investigation that led to Tether proactively and voluntarily freezing approximately $225 million worth of assets in external self-custodied wallets linked to an international human trafficking syndicate in Southeast Asia responsible for a global pig butchering romance scam. Tether and OKX proactively alerted U.S. law enforcement agencies, including the DOJ, to the location of the illicit funds by analyzing the flow of those funds through the blockchain during a months-long investigative effort. These actions prompted the initiation of a freeze request by the United States Secret Service and a voluntary freeze by Tether.
HTX (Huobi)'s hot wallets were compromised for roughly $12.5 million, and its HECO Chain’s Ethereum Bridge suffered a loss of about $86.8 million, cumulatively amounting to a total loss of approximately $99.3 million in assets. The root cause of the exploit is the compromised operator account. The stolen assets on the HECO bridge include $42.11 million worth of USDT, 489 HBTC worth approximately $19 million, 346 billion SHIB worth approximately $2.769 million, 173,200 UNI tokens worth approximately $879,856, 619,000 USDC, 42,399 LINK tokens worth $605,033, 10,145 ETH worth approximately $20.5 million, and 346,994 TUSD, which total approximately $86.8 million. We have shared a detailed analysis of the exploit in this blog.
The concentrated liquidity protocol of Kyber Network was exploited across six different chains, which resulted in a loss of approximately $48.3 million worth of assets. The root cause of the exploit is tick manipulation and double liquidity counting. The exploiter borrowed a substantial amount of flash loan and then proceeded to drain the pools with low liquidity. They manipulated the current prices and ticks of the affected pools by executing swaps and altering positions. The attacker then triggered multiple swap steps and cross-tick operations, resulting in double liquidity counting and consequently draining the pools. The stolen assets across the multiple chains include $7.5 million on the Ethereum Mainnet, $20 million on Arbitrum, $15 million on Optimism, $315,000 on Base Network, $2 million on Polygon, and $23,497 on Avalanche. In this blog, we have shared a detailed analysis of the exploit.
Metaverse, and NFTs
Animoca Brands is advancing its collaboration with Ubisoft’s Web3 branch, the Strategic Innovation Lab, to enhance interactive gaming and player rewards in the Mocaverse. Aiming to enrich its Web3 presence and entertainment growth, Mocaverse is developing a unified meta-experience layer across Animoca Brands’ expansive network, which includes over 400 companies. This venture will highlight various blockchain-based projects, such as Ubisoft’s new player-versus-player game, Champions Tactics: Grimoria Chronicles. With the integration of Champions Tactics Grimoria Chronicles into Animoca Brands’ premier membership initiative, Mocaverse players will enjoy engaging in epic battles featuring legendary Champions. Additionally, Moca ID holders actively engaging in the game will earn Realm Points, which can be traded for special access to a range of virtual and real-world benefits provided by Animoca, Mocaverse, and their affiliated networks.
Axie Infinity introduced a groundbreaking initiative that grants commercial rights to its NFT holders for creating and selling official merchandise. This move aligns with the launch of a merchandise store by Sky Mavis, the game’s creator, dedicated to the Axie Infinity. Sky Mavis explains that certain Axie NFT owners can now venture into creating and selling their items, heralding a new era of user-driven content and business ventures. A specific subset of 4,877 owners of Mystic and Origin Axies are now empowered to use their NFT characters for business ventures, like establishing Axie-themed establishments, comic series, dining ventures, or toy lines. Out of the total 11.9 million Axie monster NFTs, this commercial liberty is limited to fewer than 5,000, representing a mere 0.04% of the total, based on the data from the Axie marketplace. The initial 5,000 buyers will not only receive a free Axie NFT but also stand a chance to win one of three Mystic Axie NFTs.
In a joint venture, RTFKT and Nike announced their newest product, the RTFKT Dunk Genesis sneakers, now open for pre-orders on their website. Differing from previous collaborations, these sneakers are accessible to everyone, regardless of NFT ownership, and are priced at $222 per pair. The VOID Edition of the shoes will be released to consumers on July 31, 2024, followed by the Ghost Edition on August 31, 2024. Each pair features unique design elements, such as a removable Modular Heel Shield and a Vial Clip Tongue for customized styling. Additionally, the sneakers come equipped with an NFC chip known as RTFKT World Merging, allowing owners to have a digital version of the footwear. For those seeking more affordable fashion options, black and white t-shirts with the slogan “Oops, you stepped into the future” will be available for $40 each starting March 31, 2024.
Lockheed Martin Corp., the U.S. company specializing in aerospace, arms, defense, information security, and technology, has introduced a range of military training solutions utilizing metaverse technology. The company has created the Amorphic Appearance Zero-Projector Environment (AMAZE) visual display system, which facilitates simulated combat scenarios in the metaverse. Lockheed Martin touts AMAZE as a groundbreaking innovation that revolutionizes immersive, high-fidelity training experiences, moving beyond traditional projector-based methods to enhance the realism of training. The system employs LED modules and a light relay, focusing on providing users with strategic benefits rather than emphasizing sustainability.
OnChain Insurance Industry News
Neptune Mutual announced that they have transferred the NPM airdrop awards to their First Testnet winners on the BNB chain. They also stated that the NPM/USDC v2 pool on SushiSwap Arbitrum has successfully transitioned to a v3 pool.
Additionally, Neptune Mutual announced an exciting opportunity for Arbitrum users who can get a 40% cashback on policy fees using the promo code ARBITRUM2023 in the Neptunite Marketplace when purchasing a cover policy on Arbitrum. The 1inch v2 cover in the marketplace is now fully utilized in the marketplace on Arbitrum.