What is going on in the NFT marketplace?
Larva Labs has been the center of the cyber attack. Get more details about it in this blog. How to get the best and latest information on cryptocurrencies? The answer is simple, by reading and consulting the best cryptocurrency news provider online. Today, we will discuss the news you will get from the news website. The first news we will discuss is the news about exploitation. NFT creator Larva Labs, a famous one at that, found itself at the end of a cyber attack. The attacker gained access to a rare NFT that belongs to the Meebits collection and is considered to be valuable (over $700,000). He started minting this valuable NFT (non-fungible token) and tweeted about it on Twitter. The attacker named 0xNietzsche mentioned that he thought of making $300,000 per hour by minting this particular digital asset. But later he deleted this tweet, stating that it might sound arrogant to others. What he did was he just forced the hand of Larva Labs to give him what he wanted. So, what is this Meebit contract? It consists of IDs of each Meebit zipped into a File System File, including their characteristics. Yes, people were aware of the IDs even before the attack, but not of these special features. The attacker selected some desirable IDs, and started minting them, but stopped whenever he was denied access to them. He made a total of 345 transactions, most of them failed, except for Meebit 16647. This data is visible due to an Etherscan. This particular element was valued at 200 ETH, and it was bought by Pransky (an NFT collector). According to the data from Opensea, the Visitor Meebit item is the one with the next lowest price. Due to this event, the organization was forced to temporarily shut down the operations. And it was disclosed on their Discord thread, where you can still see the pinned post. However, the executives have assured that every NFT is safe, and the trading protocols are working perfectly.
Originally, the minting process was scheduled for Monday, but some enthusiasts are yet to redeem their ownership on their assets (CryptoPunk, and Authglyphs). For those enthusiasts, the company has arranged a form. Using which these people can ask the company to mint these assets on their behalf. According to the attacker himself, his attack could have been more successful. The overall cost of this operation has dampened the taste of victory, he exclaimed. According to reports, others were aware of this angle but decided against exploiting it. Enthusiasts are currently contemplating if this event can have a deteriorating impact on Larva Labs and their assets' price. They also said that the historical significance of these assets can also raise and lower their pricing. So, you can understand that this is a serious event, and it can have severe consequences. For now, the entire operation is being handled manually by the organization. It will be interesting to see how the cryptocurrency market would react to this event. For more information on that, you need to follow the best cryptocurrency news provider online.