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Bubblemaps: Attackers stole 50 million USD in NES, but actually only profited 60,000 USD

Bubblemaps posted on platform X that attackers exploited a vulnerability in the Cosmos EVM shared module to steal $50 million worth of NES tokens, but ultimately only profited about $60,000. Previously, Cosmos Labs reported security vulnerabilities in its shared Cosmos EVM software, affecting multiple chains built on this module, including Nesa.According to disclosures, the main attacker with an address starting with 0x9AE7 previously spent $250,000 to purchase NES and cross-chain to Nesa Chain, then exploited the vulnerability to inflate the account balance by 200 times and transferred $50 million NES back to Ethereum, with the initial funds coming from Monero. The attacker then dispersed the tokens to multiple wallet addresses, exchanged NES for ETH on a DEX, and deposited the profits into a centralized exchange.Due to the rapid withdrawal of funds from the liquidity pool, most of the attacker’s exchange transactions encountered severe slippage, resulting in an actual expenditure of $255,000 to initiate the attack, cashing out only $315,000, with a net profit of about $60,000.Bubblemaps stated that although another Cosmos EVM chain had also suffered a similar attack of $1.4 million the day before, the differences in funding sources and operational methods suggest that the two incidents may have originated from different attackers. The report also mentioned that the price of NES tokens once plummeted by 90%, but has since significantly rebounded, with the team believing that the rebound is mainly due to arbitrage activities caused by price mismatches between DEX and CEX after the attack.

first_img Unitree's stock price has fallen about 45% from its peak after going public, raising concerns about a bubble

According to a report by Reuters, after the Chinese robot manufacturer Unitree was listed on the Shanghai Star Market, its stock price has cumulatively dropped about 45% from the peak on its first day of trading. The market value once soared to $66 billion before retreating by about $30 billion, raising concerns about bubble risks, retail investor losses, and the IPO mechanism. On its first day of listing, it closed up 460%, far exceeding the average first-day increase of 226% for new stocks in China over the past three years, and then fell for three consecutive days, with the stock price stabilizing somewhat on Tuesday.Unitree is one of the world's leading manufacturers of quadruped and humanoid robots, capable of performing actions such as running, dancing, and martial arts, but broader commercialization remains limited, competing with companies like Tesla and Boston Dynamics. The prospectus shows that the adjusted net profit for the first quarter of 2026 decreased by 53% year-on-year to 40 million yuan, and there are also signs of profit slowing in the first half of the year. The company was listed through a fast-track process on the Star Market, which may set a precedent for other domestic peers.Analysts point out that investors are driven by the "technology revolution narrative," and the first-day performance reflects market sentiment. The discrepancy between IPO pricing and opening price indicates that at least one party is misaligned; there are also views that the rise is more due to motives for raising prices for unloading, with short selling being restricted and retail investors exacerbating volatility. Some institutions believe that robot companies have high R&D investments and that orders have not yet been realized on a large scale, making it inappropriate to focus solely on short-term profits, similar to the early electric vehicle industry.

BounceBit Chain update on vulnerability attack progress: will permanently halt the chain and migrate to BNB Chain

The cross-chain yield protocol BounceBit has released a security incident announcement stating that its blockchain network experienced a protocol-level vulnerability attack from August 19, 21:02 UTC to August 20, 01:54 UTC. The attacker exploited an authorization flaw in the underlying architecture of Evmos to transfer BB tokens from 9 mainnet accounts without the account owners' authorization. According to the announcement, the attacker transferred approximately 286.5 million BB through 14 transactions.The impact of the incident is limited to the BounceBit Chain itself and does not involve issues related to private key leakage, signature forgery, wallet, hardware device, or exchange account security. BounceBit's CeDeFi Strategy, Promo Vaults, Prime, and RWA products were not affected.BounceBit stated that the vulnerability originated from a defect in the authorization verification of the protocol's native module within the Evmos architecture. The attacker bypassed the security checks that were supposed to verify the authorization relationship of the funding source account when calling the relevant module through a smart contract, allowing them to designate any account as the source of funds.After the incident, the BounceBit Chain stopped block production at block height 20,702,857. The team then decided not to upgrade the chain but to permanently shut down the BounceBit Chain and reissue BB as a BEP-20 token based on the BNB Chain. BounceBit stated that the new BB token supply will be based on an on-chain snapshot taken before the first abnormal transfer (block height 20,697,260), and the 286,543,148 BB transferred by the attacker will not be included in the new token balance.Users do not need to submit applications or migrate wallets; the official plan is to automatically distribute the new BB to the corresponding BNB Chain addresses. For staked BB, BounceBit stated that it will be restored at the snapshot time, and holders do not need to perform unbinding or redemption operations. Currently, BounceBit has submitted requests for freezing and assistance to relevant exchanges and has reminded users to be vigilant against scams and not to click on any BB migration or claim links that have not been officially confirmed. The team stated that they will announce the new BEP-20 BB contract address and reissuance progress in the future.

Arthur Hayes: The burst of the AI bubble will trigger "super printing," driving Bitcoin back into a bull market

Arthur Hayes published a new article titled "Situationship," suggesting that the AI bubble may eventually burst, but its subsequent impact could drive global liquidity expansion and become a catalyst for the next Bitcoin bull market. Hayes believes that the key to determining whether AI is a bubble lies in how investors define AI infrastructure construction. He points out that the market generally views the trillions of dollars in AI capital expenditure as "technology investment" and assigns high growth valuations, but its essence is closer to "real estate investment."He states that the current AI infrastructure construction is actually about building data centers, power facilities, and other underlying assets that support computing power, rather than directly investing in technology companies like Apple. "Financial institutions, private credit funds, and governments may mistakenly believe that investing in AI data centers is equivalent to investing in tech giants, while in reality, it is more akin to investing in highly leveraged infrastructure projects." Hayes believes that the core reason for the AI bubble's burst is not that corporate profits cannot be realized, but rather excessive credit expansion. He indicates that, supported by the U.S. and Chinese governments, financial intermediaries may overbuild data centers, power facilities, and related supply chains, ultimately creating credit cycle risks similar to those of the 2008 financial crisis, rather than a profit valuation crisis like that of the 2000 internet bubble.However, Hayes believes that the long-term value of AI remains immense. He points out that the computing resources operating within data centers will drive the development of "silicon-based life," having a profound impact on human civilization similar to that of the railroad era. Regarding market impact, Hayes expects that after the AI bubble bursts, governments and central banks may adopt more aggressive monetary easing measures, repairing the financial system through "massive money printing," pushing risk assets back into an upward cycle, and ultimately benefiting Bitcoin. Hayes states that the core variable of the current AI cycle is whether the capital market has mispriced AI infrastructure, and this judgment will determine the future direction of the market.
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