NFT king, Bored Ape Yacht Club's smart contract function was supposed to allow a single, non-multi-sig wallet to mint an unlimited number of new Ape NFT tokens. The contract was supposed to enable the investors to mint 30 Bored Ape NFT tokens at a go, and there was no set limit on the number of mints. The wallet would continue to mint Bored Apes infinitely as long as it can pay the gas fees. But Yuga Labs has announced that it cannot allow investors to mint unlimited NFTs after an impending NFT hack threat.
Yuga Labs recently announced a major change to the underlying code of the Bored Ape Yacht Club NFT. On Tuesday, the firm deleted a segment of the code which enabled the creation of infinite Bored Ape NFTs. This development came a year after the company has declared its plans to introduce the unlimited minting of NFT assets. But this development ensued after the hack of the Yuga Labs Discord server, which resulted in 200 ETH, worth of NFTs being stolen from the platform. Even though the vulnerability was fixed, the firm was not ready to take up the risk and set up its network as an open platform for more hacks and scams.
If the hackers successfully exploited the network, it would have allowed them to mint an unlimited number of assets on the NFT platform, which in turn might have led to unfathomable loss on the investors' part.
The latest NFT hack has revived the debate on using Discord servers for crypto communities. Critics mentioned that Discord does not provide enough security, but supporters believe that traders who are willing to pay and give away their private keys to third parties might be vulnerable to the hacks and scams on the platform.
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