Weekly Report (Oct-16)


  • Over $6.43 million was lost in multiple DeFi hacks.
  • World of Women is set to release a NFT-infused Monopoly board game.
  • Ronaldo and Binance have collaborated on the CR7 ForeverZone NFT collection.
  • The University of Glasgow has unveiled the Museum in the Metaverse initiative.

Blockchain Hacks

The Beluga Protocol was exploited across multiple transactions on the Arbitrum chain due to price manipulation, resulting in a loss of funds worth approximately $175,000. The liability to burn from the protocol becomes a dynamic value and thus would be changed if the asset liability or the total supply values were to change. An attacker could deposit USDT tokens and then use the swap between USDT and USDC_E to update the asset liability. Due to the stable coin price deduced from the Oracle, the ratio of the USDC_E to USDT swap becomes consistent, but the withdrawal amount gets impacted, letting the attacker spend less USDT to withdraw back larger amounts of profits. The attacker has since then transferred 113.3 ETH, worth approximately $175,681, and laundered them into MEXC.

Platypus Finance was exploited due to a smart contract vulnerability, which resulted in a loss of funds worth approximately $2.2 million. The swap slippage in Platypus depends on the convergence of the coverage cash liquidity ratio in the asset contract. The attacker was able to manipulate the cash and liability in the contract to gain a handful of incentives from this swap slippage manipulation. In this blog, we have shared a detailed analysis of the exploit.

The FSL token on the BNB chain was identified as a rug pull, in which funds worth approximately $1.68 million were misappropriated. The deployer of the token minted approximately 100 million FSL tokens at the creation of the contract and then swapped 97 million of these tokens for 7952.5 BNB. The price of the associated token dropped by over 99%, and the stolen assets have already been laundered into Tornado Cash.

The BlackHole (BH) token was exploited on the BNB chain due to price manipulation of the underlying assets, which resulted in the loss of over 2000 BNB, worth approximately $1.275 million. The exploiter was able to manipulate the token’s price by initially taking a substantial flash loan of USDT, inflating the token’s value, and then withdrawing a larger amount of USDT by altering the liquidity ratio. The stolen assets were laundered through Tornado Cash, obscuring the trail. Investigations revealed that the attack was executed by a MEV bot, marking the incident as one of the most profitable single arbitrage maneuvers in the history of the BNB chain. We have shared a detailed analysis of the exploit in this blog.

Lucky Star Currency (LSC), an astrology-based NFT project on the BNB chain, executed an exit scam, defrauding over $1.1 million worth of funds. The Lucky Star Currency project consists of a token contract, an Award Center contract, and a NFT Merge contract. In a clandestine maneuver, the owner of both the Award Center and NFT Merge contracts instigated an invocation to the withdraw token function, resulting in the exfiltration of precisely 3,095,977.40 LSC tokens in favor of the contract owner. This significant volume of tokens, roughly 3 million in total, was subsequently liquidated into USDT, triggering a precipitous devaluation of the LSC token, which plummeted by an excess of 99%.

Metaverse, and NFTs

Cristiano Ronaldo has embarked on yet another NFT initiative in collaboration with Binance, offering 50,000 complimentary CR7 ForeverZone mystery boxes to both longstanding and new users of the cryptocurrency exchange. These NFTs, designed to deepen fan interactions, celebrate Ronaldo’s illustrious football career, featuring 50,000 hidden gifts, among which are 50 autographed shirts and soccer balls signed by the global football superstar. Furthermore, these boxes provide additional unforgettable experiences, with 50 fortunate CR7 ForeverZone collectors receiving free entry to Binance Blockchain Week, scheduled for November 8–9 in Istanbul. Additionally, one lucky winner will win the golden ticket as a trip to train in person with Ronaldo.

The World of Women (WoW) is collaborating with WS Game Company to bring a unique iteration of the beloved Monopoly board game to life. This exclusive version, titled MONOPOLY: World of Women Galaxy Edition, is slated for release on October 17, integrating WoW characters and other original NFT collectibles into its design. Owners of WoW NFTs will enjoy additional perks. This edition invites players on an exciting celestial adventure through the brand’s visionary galaxy, emphasizing the next digital frontier. Adding a layer of fascination are the game’s golden tokens, each etched with NFT insignia, serving a dual purpose: to engage the new generation with Web3 and digital currencies while ensuring immersive gameplay. Participants will navigate the WoW cosmos, acquiring Ethereum-centric digital assets, all represented by golden tokens that nod to renowned NFT collections like Bored Ape Yacht Club, CryptoPunks, VeeFriends, CloneX, and Cool Cats.

The University of Glasgow has introduced an innovative initiative dubbed the Museum in the Metaverse, a comprehensive platform enabling participants to delve into a range of immersive experiences, including XR and VR representations of 3D-scanned items from their collections. This platform empowers creators of all skill levels to evolve into virtual architects, constructing environments in both virtual and mixed reality that may incorporate 3D-scanned artifacts. Through this platform, users are granted the unique opportunity to engage with historical treasures within virtual and augmented reality settings, a stark contrast to the traditional physical displays where these items are untouchable behind protective barriers. This pioneering venture originates from the University of Glasgow’s College of Arts & Humanities and receives its financial backing entirely from the UK government.

OnChain Insurance Industry News

Neptune Mutual released a new security short on their YouTube channel emphasizing the critical need for projects to enhance their community protection measures, underscoring that mere auditing is no longer sufficient. Additionally, the video was also shared via their social media accounts on Twitter (X).

Tidal Finance announced that the Tidal token is now available for swap on the Polygon network through NativeX.