Web3 Music Streaming Platform Audius Loses $6M🎶
HashingBits | Week-30
In brief—
Events Under the Spotlight 🔎
Neopets loses 69 million accounts to hackers
"Neopets recently became aware that customer data may have been stolen," reads the first tweet.
"We immediately launched an investigation assisted by a leading forensics firm. We also engage law enforcement and enhance our systems' protections and user data."
$6M stolen from blockchain music platform Audius
According to a post-mortem report published by Audius on Sunday, the hacker exploited a bug in the contract initialization code that allowed them to perform repeated invocations of the initialize functions.
As Audius concluded in the post-mortem report, no new tokens were minted, and the incident had no impact on the circulation of token supply.
All remaining user funds are now safe according to the platform.
DRAC Network, a DeFi project appeared Rug Pull
The meme coin is a DRAC network project; a public chain developed independently on Ethereum.
DRAC’s official Twitter account posted a tweet revealing that it has halted the cross-chain bridge.
“We temporarily closed the cross-chain bridge.”
Shortly thereafter, another crypto exchange BitMart announced suspending all TEDDY-related features citing technical upgrades.
According to DRAC, the team is now “actively discussing” the next step with BitMart to replace the new DRAC tokens with TEDDY tokens. Its tweet regarding the same read,
“We are actively discussing the next step with the exchange to replace the new DRAC tokens with TEDDY tokens, for which we are sorry.”
Titanium Blockchain CEO Pleads Guilty in $21M scam
Michael Stollery, CEO of Titanium Blockchain Infrastructure Services, has pleaded guilty to carrying out a fraudulent initial coin offering.
It raised $21 million from U.S. and overseas investors, according to a press release from the U.S. Justice Department.
DeFi Hack – Solana-Based Lender Nirvana Finance Loses $3.5M
Nirvana Finance, a Solana-based yield system, suffered a $3.5 million hack involving the use of flash loans to manipulate and drain its liquidity pools.
The price of the protocol’s native ANA token has plunged by more than 80% in the last few hours, while its NIRV stablecoin has lost its peg to the US dollar.
Nirvana Finance is now worth only 8 cents.
LPC Project Suffered Flash Loan Attacks; Attackers Earned About $45,715
The attacker first borrowed 1,353,900 LPC from Pancake using a flash loan, and
Then the attacker called the transfer function in the LPC contract to transfer money to himself.
Since the account balance was not updated in the
_transferfunction, the original Modifications on therecipientBalancevalue of the recipient balance caused the attacker’s balance to increase.The attacker then repaid the flash loan, exchanged the obtained LPC for BUSD, and finally to BNB and left the market at a profit.
In this attack, the project party lost 845,631,823 LPC, and the attacker gained a total of 178 BNB, worth about $45,715.
At present, the profited funds are still stored in the attacker’s address (0xd9936EA91a461aA4B727a7e3661bcD6cD257481c).
B Top Token Rug Pull
Weekly Quiz❓
Trending Blog of the Week📈
➚Web1.0 and Web 2.0 employed SSL (Secure Socket Layer) and TLS (Transport Layer Security) to establish secure communication between users and servers.
➚Although these security solutions faced critical vulnerabilities, they became robust over time.
➚Similarly, the security of Web3 is a work in progress and security companies are putting efforts into technically addressing the systemic weakness of the blockchain systems.
➚Based on the attacks on the Web3 protocols, let’s find how we can categorise them for a better understanding.