Weekly Report (Mar-27)
Learn about ASKACR Token exploits. Magic Eden, Lazy Lions, & Tarzan advance their web3 initiatives.
- Tarzan swings into the Metaverse with an NFT collection.
- Magic Eden has launched Ordinals marketplace for Bitcoin based NFTs.
- Lazy Lions and OpenSea have joined forces to create an exclusive set of NFTs.
The ASKACR token on the BNB chain was exploited, resulting in a total loss of 85 BNB, worth approximately $28,400. The attack was possible because of a flaw in the way rewards are distributed by the transfer function, which operates without checking the transfer amount. In the transfer logic, the function checks for the sender address in the ‘from’ parameter, the receiver address in the ‘to’ parameter, and the corresponding amount to be transferred in the ‘amount’ parameter. However, in the lpShare function, the token provides rewards to the LP holders of the BSCUSD-ASKACR pair without checking the transfer amount. Thus, the exploiter created multiple attack contracts and frequently transferred the liquidity to ensure that the ‘to’ address held LP tokens. The attacker used the same LP tokens and transferred 0 $ASKACR tokens to mint and distribute the $ASKACR tokens to the ‘to’ address in order to take away their share of profits. We have highlighted a detailed analysis of the exploit in this blog post.
The BNQ token on BNB Chain was identified as a rug pull, which resulted in a loss of approximately $72,000. The owner of the contract invoked a call to the safePull function of the contract, which transferred the BNQ tokens to an address under their control. The price of the BNQ token dropped by more than 99% following the attack.
Metaverse, and NFTs
Magic Eden announced that they have expanded their platform by launching a fully audited Bitcoin NFT marketplace, catering to the growing demand for Bitcoin-based Ordinal NFTs. The marketplace will include support for the Bitcoin wallets Hiro and Xverse as part of this endeavor, making it simple for traders to list, purchase, and sell Ordinal NFTs. The platform is poised to offer a smooth experience similar to that of its standard NFT marketplace. The Solana based NFT marketplace has ventured into different blockchain ecosystems, introducing Ethereum support in August and extending to Polygon in November last year. In order to introduce users to the world of Bitcoin-based NFTs, the platform is working in conjunction with well-known Ordinal collections, including Bitcoin Bandits and Taproot Wizards. They will also include necessary details regarding NFTs, such as information on Ordinal rarity and inscription numbers.
Lazy Lions are gearing up for their groundbreaking Open Edition mint in collaboration with OpenSea featuring an on-chain burn mechanism resulting in a deflationary supply of NFTs. Lazy Lions consists of 10,000 distinct NFTs, as well as Lazy Bungalows and Lazy Cubs, that aspire to dominate the entertainment and digital ownership landscapes through collaborative creation and groundbreaking innovations. The event will begin on March 28th and last for 25 hours, during which participants can accumulate dark energy. A player moves up the leaderboard as they accumulate more dark energy. As a result, this will increase their chances of getting one of the limited supply of 80 Bitcoin Ordinal NFTs. Some of the dark energy NFT holders will be invited to battle against Glitch in an intense, high-stakes match. Mint spots will be rewarded to the top 40 Dark Energy collectors and 19 instant-win positions.
The famous fictional character Tarzan is swinging from the African jungle into the world of Web3, all thanks to a multi-year licensing deal between digital fashion studio XLABEL and Edgar Rice Burroughs, the creator of the character. The collection will include 9,999 Tarzan: Lord of the Apes NFT tokens for 0.05 ETH, worth roughly $90 each, and will be released to people added to an allowlist on March 28, with a public sale to follow on March 30 for the remaining supply at 0.06 ETH each.The team spent six months creating the modern Tarzan, based on Burroughs’ original description of the character, whose British parents were killed off the coast of Africa, leaving Tarzan to be raised by apes. Tarzan in the modern Web3 era will have a cleaner-cut look than the jungle-trained version that audiences are used to seeing.
OnChain Insurance Industry News
Neptune Mutual announced that it has surpassed $500,000 for TVL, is the leading DeFi insurance protocol on Arbitrum, and is the fastest-growing on DeFi Llama.
In addition, Gillian Wu, one of their co-founders, took part in a Twitter Space discussion with OKX that focused on important topics regarding the rise of DeFi and the importance of safeguarding digital assets.
Neptune Mutual project safeguards the Ethereum community from cyber threats. The protocol uses parametric cover as opposed to discretionary insurance. It has an easy and reliable on-chain claim process. This means that when incidents are confirmed by our community, resolution is fast.
Join us in our mission to cover, protect, and secure on-chain digital assets.
Official Website: https://neptunemutual.com