Yuga Labs has removed a code that would permit the unlimited supply of Bored Apes. The parent company of the Bored Apes recently announced it had revoked the program to stop the minting of Bored Ape non-fungible tokens (NFTs).
Yuga Labs Will no Longer Mint Mass NFTs
Yuga Labs revealed it had halted the feature that, when executed, would create an infinite number of Bore Ape Yacht NFTs. The new development came over a year after the company stated that it would do so.
However, removing the code is prudent to prevent any potential hack on the Yuga Labs network. The code is a loophole that hackers can exploit to flood the market with more Bored Apes NFTs.
According to one of Yuga Labs’ co-founders on Twitter, @EmperorTomatoKetchup, the firm has long wanted to do this. Now it is all done, and the journey continues.
Hack Vulnerability is Present on Yuga Labs
Accordingly, the issue of the system flaws was observed in the first week of June 2021 by Dan Kelly. Kelly is the CEO of NonFungibles, who raised the alarm on Twitter that a code exists to make it possible for more Apes to be created.
He further pointed out that Yuga Labs can mint as many Bored Apes as possible using the code.
While commenting on the alarm raised, the official Twitter handle of Bored Apes responded that it was not planning to run the code. Additionally, it added that it is working on removing the ability to use it.
It took a year before the Yuga Labs team decided to take action by revoking the code. Meanwhile, an NFT creator with the Twitter alias foobar disclosed that the code still exists throughout the year. Kelly pointed out the defect.
In the meantime, revoking the code by the Yuga Labs team will come as a relief to Bored Ape collectors due to the several phishing attacks the project experienced.
It was widely reported that the Discord server of the Bored Ape was attacked four days ago for the second time in the same year. The recent attack led to the loss of about 200 ETH worth $357,000 in NFTs that were carted away in the attack.
Yuga Labs Previous NFT Project
Despite being regarded as a promising NFT developer in the digital art ecosystem, the launch of “Otherside” in May left much to be desired. The Otherside project is believed to be a mess and reflects the continuing instability of the NFT space.
Moreover, the Otherside is a Metaverse project with play-to-earn games that incorporate all of Yuga Labs’ NFTs.
However, the company still went ahead to sell the Otherside virtual land parcels. As expected, the project failed to survive the criticism that greeted its emergence. At the moment, the Otherside is said to have collapsed.
Meanwhile, Yuga Labs netted roughly $320 million after selling only 55,000 virtual plots of land. The creation of ApeCoin also added no value to the Bored Ape NFTs.