Here comes everyone's favorite method of killing a bug... Whacking it with a newspaper! The Rolled Up Newspaper is a very powerful weapon against bugs. It deals +4 base damage (totalling out at 2 and a half hearts) and comes pre-enchanted with Bane of Arthropods V, making it a 3-hit KO against most creatures of the Erebus (inflicting about 10-11 hearts per hit!). Unfortunately, it has very low durability.
It can be found rarely in Antlion Overlord Pyramid chests.
The recipe requires 6 Papyrus, gotten from the Bullrush, a plant commonly found near pools of water in Underground Jungles and Submerged Swamps, an Ink Sac, and 2 Whetstone Powder, which can be gotten from Woodlice found by breaking Rotten Wood in Submerged Swamps and Fungal Forests or Acacia Logs in Subterranean Savannahs and the Ulterior Outback.The recipe is shown below.