Yuga Labs removes the code of the vulnerability which if exploited could mint unlimited NFTs for Bored Ape.
Yuga Labs has announced a major change to the underlying code of the Bored Ape Yacht Club NFTs. On Tuesday, it deleted a segment of the code that allowed the creation of infinite Bored Ape NFTs.
This development comes a year after the company had announced its plan of doing so. Also, this development comes following the hack of the Yuga Labs Discord server recently. The hack resulted in 200 ETH worth of NFTS stolen on the platform.
The Bored Ape Yach Club later fixed a vulnerability, which if exploited, could mint an unlimited number of NFTs on the platform. This infinite supply expansion may have led to an unfathomable investor loss. Speaking about deleting the recent code, Yuga Labs co-founder and developer known as EmperorTomatoKetchup said:
“The contract owner has now been burned. While we’d been meaning to do this for a long time, we hadn’t out of an abundance of caution. Felt comfortable doing it now. All done”.
Hack Vulnerabilities on Bored Ape
NonFungibles CEO Dan Kelly had spotted the vulnerability regarding Bored Ape for the first time in June 2021. He raised an alarm pointing out that a code exists which allows Bored Ape to mint as many NFTs instead of the 10K hard cap.
Back then, Yuga Labs replied: “Obviously, we’re never going to call that function again and we’re planning on revoking ownership in the next day or two”.
However, it took them one long year to actually implement the changes on the ground. It was surprising to see why was the Yuga Labs team so complacent despite several phishing attempts for the Bored Ape Yacht Club (BAYC) NFTs. Just the last week, the Bored Ape Yacht Club faced a phishing attack leading about 200 ETH worth $357,000 in NFTs. This was the second major attack faced by the platform this year.
Earlier this year in April, the Bored Ape Yacht Club faceb another major hack on its Instagram account. This included nearly 91 NFTs stolen from the platform. These NFTs were reportedly worth $2.8 million.
Yuga Labs has a lot of work to do on the security front to assure the NFT investors’ interests stay protected.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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