Weekly Report (Sep-11)


  • Over $66.8 million was lost in multiple DeFi hacks.
  • Casio is set to release a virtual G-Shock NFT collection on Polygon.
  • Mercedes-Benz unveiled the Mercedes-Benz NXT Icons NFT Collection.
  • Axident NFTs turn Justin Bieber’s Company into a royalty investment.

Blockchain Hacks

Stake was exploited across multiple chains, resulting in a loss of funds worth approximately $41 million. The root cause of the exploit is likely due to the compromise of the private keys. The stolen assets include 9620 ETH worth $15.7 million on the Ethereum Mainnet, 14.24 million MATIC worth $7.85 million, and 82650 BNB worth $17.7 million. We have shared a detailed analysis of the exploit in this blog.

FloorDAO was exploited due to a smart contract vulnerability, which resulted in a loss of 40 ETH, worth approximately $65,000. The root cause of the exploit is due to design flaws in two of the smart contracts’ functions that handled the rebase calculations. The stolen funds have already been laundered into Tornado Cash.

GMBL Computer issued a community alert stating that they have suffered a loss of nearly 500 ETH, roughly amounting to $815,000. The root cause of the exploit is not a smart contract vulnerability but an off-chain issue. The exploiter was able to spoof a call, get a signature from their server, and then pass it to the contract. The team is working on establishing communication with the exploiter in hopes of recovering the stolen funds.

A user suffered a phishing attack and lost approximately $24.23 million worth of assets, including 4,851 rETH worth $8.58 million and 9,579 stETH worth $15.63 million. The victim reportedly provided token approval to the scammer by signing an increase allowance transaction. The phisher then swapped these assets for 13,785 ETH and $1.64 million DAI and transferred them to multiple addresses. Approximately $451,000 worth of DAI was transferred into Fixed Float, and the scammer also transferred another $78,000 worth of DAI to Mixer and various other centralized exchanges. The scammer also laundered funds worth approximately $1.15 million into Tornado Cash.

The Twitter account of Vitalik Buterin, co-founder of the Ethereum Foundation, was compromised, possibly due to a Sim Swap attack. The scammer then posted a phishing link to a free Proto Danksharding NFT relating to ConsenSys. Multiple sources reported that the well-known con artist had stolen over $700,000 in funds. One of the affected individuals lost about 50% of this value as their CryptoPunk NFTs 3983 and 1751 were hijacked.

Metaverse, and NFTs

Casio has exciting plans to extend its G-Shock watch brand into the metaverse by introducing the virtual G-Shock, a blockchain-based collaborative community. They are initiating the release of 15,000 exclusive G-Shock Creator Pass NFTs worldwide, which will be distributed for free through the Polygon blockchain starting on September 23, 2023. Users have the opportunity to claim one of these 15,000 NFT-based G-Shock creator passes, which will grant them entry into a dedicated Discord channel for this project. This community serves as a connecting point between the G-Shock series of shock-resistant watches and its users. The project will kick off with the distribution of NFT-based creator passes, inviting users to contribute to the design, with the final appearance being determined through a voting process.

Mercedes-Benz unveiled its third NFT collection, dubbed the Mercedes-Benz NXT Icons, on September 5. The initial collection highlights the beginning of The Luxury Era, which is the first of the seven distinctive segments that will showcase the brand’s rich design history. Each segment or era within this collection embodies a unique theme, offering digital asset enthusiasts an informative journey. This chapter aims to represent a time of luxury and advancement by fusing tradition with the emerging Web3 landscape. Essentially, this series aims to recreate iconic Mercedes-Benz models, presenting approximately 2,700 collectibles in each era, resulting in a total of 18,860 pieces. This digital expedition commences with six well-known models: the Mercedes-AMG SL 63, Mercedes-Maybach GLS 600, Mercedes-Benz EQS 580, Mercedes-AMG C 63 S E Performance, Mercedes-Benz G 500, and Mercedes-Maybach S 680, reimagined as digital masterpieces.

Andreas Schuller, known as Axident, has initiated the sale of NFTs that grant their holders a share of forthcoming streaming royalties from Justin Bieber’s track Company. In collaboration with the blockchain-based music rights platform AnotherBlock, the Norwegian music producer has launched this venture. Axident intends to offer a 1% portion of the streaming royalty rights for Bieber’s renowned song through 2,000 ERC-721 tokens. Priced at ETH 0.017 each, each token signifies a 0.0005% ownership stake in the music streaming rights, encompassing earnings from major digital platforms such as Apple Music and Spotify. Typically, royalties are distributed every six months, and AnotherBlock has advised users to stay updated for significant developments in this regard.

OnChain Insurance Industry News

Neptune Mutual announced that they would be airdropping NFTs to the gamified testnet winners the following week. They also held their monthly town hall for August live on Discord, in which co-founder Edward Ryall and Head of Marketing, Tutti, highlighted the progress and other initiatives made by the team for the given month and answered the community’s questions. The session was recorded and uploaded to their official YouTube channel.

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