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Web3 is Going Just GreatA timeline recording only some of the many disasters happening in crypto, decentralized finance, NFTs, and other blockchain-based projects.Web3 is Going Just GreatHomeAboutWhat is web3?FAQLicenseTwitterMastodonBlueskyInstagramThreadsRSSLeaderboardGlossaryContributeNewsletterStoreSkip to timelineWeb3 is Going Just Great...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.Created by Molly White. Subscribe to her newsletter for weekly recaps.TwitterMastodonBlueskyInstagramThreadsOctober 24, 2024$20 million moved from US government wallet in possible theftMore than $20 million in stablecoins and Ethereum were transferred from a wallet identified as belonging to the US government, and holding funds connected to the 2016 hack of the Bitfinex cryptocurrency exchange. While the government does occasionally shuffle cryptocurrency around, these funds were moved to a brand new wallet and then began to be shuffled through cryptocurrency exchanges — something that crypto sleuth zachxbt noted "looks nefarious".The government has not made any statements regarding the movement of assets.The following day, $19.3 million in tokens were returned to the original wallet."US Government Crypto Wallet Drained of $20 Million in Suspicious Transfers", DecryptTweet by zachxbt [archive]Theme tags: Hack or scamBlockchain tags: Blockchain: EthereumOctober 23, 2024Sharpei memecoin rug pulls for $3.4 million(attribution)A dog-themed memecoin project called Sharpei abruptly cashed out $3.4 million, tanking the token price by more than 96% in seconds. The project had been promoted by crypto influencers, but hit a snag when a pitch deck for the project leaked. The deck contained multiple lies, including claims to have hired multiple "KOLs" who later denied involvement, and false claims of partnerships with various platforms and projects.As the token price stuttered along with these revelations, insiders apparently decided to quit while they were ahead, and cashed out in a quick and coordinated sale."Solana Meme Coin Sharpei Plunges 96% in Seconds in Epic Rug Pull", DecryptTheme tags: Rug pullBlockchain tags: Blockchain: SolanaOctober 22, 2024Blockchain company Forte acquires games studios, demands secrecy, shuts them down (attribution)Sometime in 2023, blockchain firm Forte acquired game studios Phoenix Labs and Rumble Games. However, it would be a year before this came to light, because according to a report from Game Developer, Forte demanded secrecy from employees. (Forte refutes this). In both cases, some employees believed that Forte was funding their development, but didn't find out until later that Forte owned the companies.Both studios had several games in progress, and two of Phoenix Labs' games were explicitly designed for younger players. Developers reportedly voiced discomfort with incorporating blockchains into the games, selling digital items to children.Later, Forte pulled the plug on several in-development games at both studios. Then, Forte shut down Rumble in 2024, laying off all employees. Forte also laid off over 100 people from Phoenix Labs that year."What happens when a secretive blockchain company buys your game studio", Game DeveloperTheme tags: Shady businessTech tags: blockchain gamingOctober 18, 2024Tapioca DAO exploited for most of its assets — over $4 million(attribution)The defi lending protocol Tapioca DAO was exploited after an attacker reportedly socially engineered the DAO's co-founder and gain access to their private key. The attacker then used their access to sell off TAP tokens, and to drain a stablecoin liquidity pool on the platform, netting around $4.4 million in USDC and ETH. The TAP token price subsequently crashed by around 96%.Various security researchers have observed that the attack appears to be linked to a slew of social engineering attacks perpetrated by cybercriminals out of North Korea.Tweet by Tapioca DAO"Tapioca DAO stops 1,000 ETH worth $2.7 million from being stolen following exploit that drains majority of its funds", The BlockTheme tags: Hack or scamBlockchain tags: Blockchain: EthereumTech tags: DeFiOctober 16, 2024Radiant Capital exploited again, this time for at least $50 million(attribution)The cryptocurrency lending project Radiant Capital was hacked for the second time in under a year, this time for more than $50 million in the USDC stablecoin, wBNB, ETH, and other tokens. An attacker successfully gained access to three of eleven private keys controlling a multisignature wallet, which enabled them to upgrade the project's smart contracts in such a way as to drain funds.This is the second Radiant Capital exploit this year, after a $4.5 million theft in January that was enabled by an unaddressed vulnerability in the underlying Compound Finance code."Radiant Capital Loses $50M to Second Blockchain Exploit This Year", CoinDeskTheme tags: Hack or scamBlockchain tags: Blockchain: EthereumTech tags: DeFi, lendingOctober 15, 2024Cosmos founder reveals a portion of the protocol was created by North Korean developers(attribution)Cosmos creator Jae Kwon has raised concerns about a portion of the Cosmos protocol called the "Liquid Staking Module" after learning it was developed by North Korean agents. Although a contributor to the protocol, Zaki Manian, learned of the developers' links to North Korea after contact from the FBI in March 2023, Kwon claims that Manian ignored known flaws in their code, failed to fully audit their code, and did not report the issue to the project team or the Cosmos community. According to Kwon, the code contained a vulnerability that would allow stakers to avoid having their stakes slashed, which "contradicts the fundamental principles of staking security."Kwon urged the Cosmos governance team to perform a full audit of the code written by these developers, and develop more protocols to prevent issues like this going forward. He also called for the governance team to blacklist Zaki Manian."On the LSM Module", All In BitsTheme tags: Shady businessBlockchain tags: Blockchain: CosmosOctober 13, 2024Permit phisher steals almost $1.4 million in frog tokens(attribution)An attacker using the permit phishing technique stole $1.39 million in tokens from an unsuspecting holder. The victim unknowingly signed a "Permit2" signature — a function intended to make crypto transactions smoother and less expensive, but one that also makes it possible for malicious actors to completely drain crypto wallets.The attacker stole around $1.1 million of the cartoon frog-themed PEPE tokens, and another roughly $50,000 of the also cartoon frog-themed APU token.Tweet by Scam Sniffer [archive]Theme tags: Hack or scamBlockchain tags: Blockchain: EthereumOctober 4, 2024$3.1 million in EIGEN tokens stolen and sold(attribution)Around 1.67 million EIGEN tokens belonging to an investor in the popular Ethereum-based EigenLayer project were stolen after the investor was tricked into transferring the tokens into the attacker's wallet. The thief then sold the tokens for around $3.1 million, although the tokens were notionally worth around $5.5 million. Some of the stolen funds were later frozen by centralized exchanges.After the incident, some questioned why the tokens had been sent to an investor without a vesting contract, given they were supposed to be locked for a period of time to prevent sale."EigenLayer Says Unauthorized Selling Was an 'Isolated Incident', But Critics Still Have Concerns", DecryptTheme tags: Hack or scamBlockchain tags: Blockchain: EthereumSeptember 28, 2024Victim loses over $32 million to wallet drainerA victim lost 12,083 spWETH tokens (~$32.4 million) after signing a malicious transaction stemming from someone using wallet drainer software. These drainers are "scam-as-a-service" products, where the drainer creators allow others to operate the drainer software in exchange for a 20% cut of stolen funds.The victim wallet sent a message to the thief, offering "a peaceful resolution to this situation" in which the thief could keep 20% of the total amount taken (around $6.5 million)."Crypto whale loses over $32 million in apparent phishing attack", The Block [archive]Theme tags: Hack or scamSeptember 27, 2024Bedrock staking platform loses $2 million after bug that allowed users to trade Bitcoin and Ethereum 1:1(attribution)A staking platform called Bedrock lost around $2 million after exploiters discovered a bug that allowed them to swap 1 ETH for 1 BTC despite the more than $63,000 difference in prices for the two assets.A security firm working with Bedrock had tried to warn Bedrock of the vulnerability several hours before the attack, but the team was asleep. The vulnerable contracts had been deployed a day and a half prior to the attack, and had not been audited.Fortunately for Bedrock, security groups were able to pause third-party projects surrounding Bedrock, which helped to limit the losses — which ultimately could have been as high as the entire value of funds on the protocol."Staking Protocol Bug Let Users Swap One Bitcoin for One Ethereum", Decrypt [archive]Theme tags: Bug, Hack or scamBlockchain tags: Blockchain: Bitcoin, EthereumTech tags: DeFiNo JavaScript? That's cool too! Check out the Web 1.0 version of the site to see more entries.1729984261https://web3isgoinggreat.com

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