May 2024 - Tsuru On Base Contract Vulnerability - $410k (Global)
"Tsurushima Tatsumi is a beloved japanese illustrator who has worked on many different web2 & web3 projects with his iconic colorful and cute character designs. His art was recently displayed on the Times Square during NFT NYC 2024.
"Specializing in vibrant and colorful illustrations as well as emotional artworks, I have worked on over 100 illustrations of Japanese idols to date. Additionally, my portfolio spans a wide range of works, including official merchandise illustrations for Hatsune Miku and Love Live!. I issued my first NFT in March 2021 and began my career as an NFT illustrator in earnest in October of the same year. I continue to be actively engaged in my work.""
"According to the SlowMist Security Alert system, potential suspicious activities related to Tsuru have resulted in a loss of 138.78 ETH."
"Going forward we aim to be deploying $NTSURU and using all remaining ETH that were reserved for buybacks and remove the remaining ETH from the current $TSURU LP to fund the LP of $NTSURU. This amounts to a total of 225 ETH for the new LP.
Furthermore, we will be airdropping all current JOURNEY holders 400 $NEWTSURU per 1 JOURNEY NFT after taking a snapshot. $NTSURU token distribution will be 50% airdrop and 50% LP.
Apologies again for the inconveniences. We will be updating on $NTSURU as soon as possible."
"However, recent challenges such as the exploited flaw by the hired development team, has led to the termination of this agreement. We are grateful for the contributions Tatsumi has brought to our project."
Further Analysis
Tsuru On Base was an NFT project launching NFTs featuring the colourful artwork of a Japanese Illustrator named Tsurushima Tatsumi on the Base blockchain. Unfortunately, it appears that the team botched the launch with a failing and vulnerable smart contract, which limited the ability for users to claim the NFTs and ultimately allowed for the minting of a large number of their $TSURU token, which were then liquidated for Ethereum via Uniswap. While the project team made massive efforts to compensate users after their mishap, it appears that the illustrator ultimately decided to walk away from the project a few days later, which likely spells the end of this NFT project.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Patton Coin Fake Token Rug Pull > > < < Galaxy Fox Token Suspicious Transaction
Sources/Further Reading
SlowMist Hacked - SlowMist Zone (Dec 31)
@SlowMist_Team Twitter (Dec 31)
@TsuruBase Twitter (Dec 31)
@TsuruBase Twitter (Dec 31)
$TSURU Exploit Incident Report | Tsuru on Base (Dec 31)
BaseScan Transaction Hash (Txhash) Details | Base
(Dec 31)
Meet the Artist | Tsuru on Base (Dec 31)
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