Weekly Report (Aug-1)

5 min read
Weekly Report Aug1

Nirvana Finance was exploited draining $3.49M. Hyundai has re-entered the NFT space.


  • Nirvana Finance was exploited using a flashloan attack draining $3.49 million.
  • Hyundai has re-entered the NFT space with its second digital collectible collection.
  • Coca-Cola held an NFT Airdrop to mark its Metaverse Anniversary.
  • The MTV VMAs debut category for best Metavserse performance.

With the cryptocurrency and blockchain markets having matured significantly, focus is shifting to the rapidly evolving NFTs and Metaverse. NFTs are becoming an important part of Web3, and the Metaverse is gaining popularity among both consumers and businesses. People can use NFTs to own digital assets such as images, audio, and video, as well as sell, buy, and transfer them. It is even possible to own virtual real estate in the Metaverse. Many brands, gamers, and individuals are already treating the Metaverse as a lived reality, and the price for virtual real estate reflects this. The Metaverse is on its way, with virtual reality, virtual real estate, and blockchain all collaborating to bring us closer to meaningful digital ownership.

Blockchain Hacks#

Nirvana Finance, the adaptive yield protocol was exploited for $3.49 million, forcing the protocol’s $ANA token price to collapse over 85%. The hacker had utilized Solend, an algorithmic decentralised lending and borrowing protocol on Solana to borrow $10 million USDC in flash loans, which was then used to exploit $3.49 million USDT from the Nirvana Finance Treasury. The perpetrator minted more than $10 million worth of $ANA using the funds borrowed from Solend, swapped the tokens for USDT and received $3.49 million from Nirvana Treasury, after which $10 million USDC were returned to Solend Pool.

Multiple reports have proven that DRAC Network appeared to be a rug-pull, with the price of token $TEDDY dropping 99.4%. Roughly, 10,000 $BNB tokens and 2 million $BUSD in digital assets have been slowly transferred to the hackers address at Binance. The deployer deployed the contract and transferred a large quantity of $TEDDY to their address, then pumped and dumped the price of the token.

Metaverse, and NFTs#

Hyundai has returned to the NFT scene with a new collection of 5,000 Ioniq 6 collectibles, following the release of their first NFT collection, Metamobility Universe, in April 2022. The new digital assets come with a variety of benefits, such as VIP event access, fashion NFT drops, and more. The iconic car manufacturer gave away the 5K digital assets for free to collectors, allowing a diverse range of NFT and car enthusiasts to enjoy the new experience. In fact, holders may receive additional benefits based on the rarity of the NFTs. Work, socializing, entertainment, healing, fun driving, and stress-free driving will be the six themes used to define rarities.

Coca-Cola has gifted exclusive digital collectibles to existing Coca-Cola NFT holders, in celebration of its Metaverse anniversary. This includes holders of Coca-Cola’s International Pride Day 2022 drop, Hamburger Day 2022 drop, and the original Coca-Cola Friendship Day Loot Box. The new drop which took place on July 30, in celebration of International Friendship Day, commemorated the spirit of friendship, with each collectible being shareable with a friend. The NFT collectibles take inspiration from the bubbles within every Coke bottle. Once the collector shares their NFT with a friend, the artwork will be revealed. Moreover, the brand will invite owners of the Coca-Cola collectibles to tailored, Real Magic experiences, including an early access to Coca-Cola Creations and Coke Studio, to name a few.

AC Milan, one of the greatest football clubs in Italy, has signed a multi-year deal with Sorare to grow their businesses together. The football giants are classed as a premium partner. Fans of AC Milan can now join Sorare’s NFT-based fantasy football game for the first time. They can buy, sell, and collect players from their favorite team. With this deal, AC Milan keeps building on their overall web3 strategy. In addition to this, they have also moved into the NFT space.

Binance has started testing its NFT ticketing solution with the football team Società Sportiva Lazio for the 2022–2023 season. The NFT tickets will solve the problem of fake tickets and eliminate scalping, preventing disorders in sporting events. Moreover, these tickets will not only give access to events, but they will also let the holders get discounts at stores and games, get free tokens, and do other things within the club. With the partnership, NFT tickets will be available for all of S.S. Lazio’s home games. An executive at S. S. Lazio, Marco Canigiani, said that people who already have tickets will be able to get their NFT tickets for free and use them to get into Stadio Olimpico and use the benefits that come with digital tickets.

MTV has announced a new Video Music Awards category called Best Metaverse Performance. International acts such as Ariana Grande, BTS, BLACKPINK, Charlie XCX, Justin Bieber, and Twenty One Pilots are among the six nominees. MTV made the change after realizing that many artists are opting for a new metaverse channel to connect with a global audience of fans. So far, it appears that it will be a fandom battle royale between two of K-pop’s most popular groups, BTS and BLACKPINK. BTS is nominated for their YouTube ESCAPE2021 performance, which featured BTS members’ Minecraft avatars. BLACKPINK, on the other hand, is nominated for the group’s recent collaboration with PUBG Mobile.

The Hong Kong University of Science and Technology has announced plans to open MetaHKUST, the world’s first physical-digital twin campus in the metaverse, which will allow students from different locations to attend classes as if they were in the same place. The metaverse campus is Hong Kong University’s effort to embrace the rapidly evolving Web3 space, and it will also host the launch of Hong Kong University’s new Guangzhou campus. The platform will provide an immersive learning environment for students, faculty, and alumni to collaborate, create, and innovate.

OnChain Insurance Industry News#

Nexus Mutual has launched ETH2 Staking Cover on their platform. The team collaborated with existing operators to develop the coverage, which has been designed to provide the best protection against penalties, slashing events, and missed rewards.