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Strong criticism of Yugalbs; The number of NFTs in the Dull Monkey Club can be extremely high

 There is a function in the Bass Monkey Club (BAYC) smart contract that allows a particular wallet to generate an unlimited number of its famous NFTs. This issue, which calls into question the decentralization of the project and could severely damage the value of its NFTs, has long been challenged by crypto space activists.





NFT developer Fobar recently took to Twitter to mention the strange functionality of the BAYC smart contract code, which allows a single wallet to produce an unlimited number of these popular and expensive NFTs.

Foobar tweeted:

 In 2021, Dan Kelly, the founder of NonFungibles, raised ambiguities about this function in the BAYC Smart Contract Code. In response to the general remarks, the developers of BAYC pledged to immediately suspend this access. However, more than a year has passed and this access is still available.

 

What was the reaction of the crypto community?

Members of the Ramzars community reacted to the news. A Twitter user noted on February 3 (February 4) that the wallet was still active and had made its last transaction 14 hours earlier. He warned other users about the activity of this wallet and stated that the arbitrary activity of this wallet may change the metadata related to each monkey NFT.

 

Another user took the opportunity to sarcastically say that Yoga Labs, as long as it takes care of its discord, will deal with the problem well.

 

 As we reported, the Discord channel project of the IP Yat Club project was recently attacked by hackers, and as a result, the NFT of many users was stolen.

It is interesting to know that the Bored Monkeys project is not the only NFT project that has a function in its smart contract to infinitely inflate tokens with a specific wallet. A software engineer named Ethan Hunsaker has announced on his LinkedIn that the Doodles project has a similar function.

How will this affect projects?


There are many concerns about the hacking of this particular wallet. If this wallet is hacked and a lot of new tokens are made, the price of NFTs will be reduced because one of the advantages of dull monkey NFTs is their scarcity.

Kein Finlow-Bates, founder and CEO of Chainfrog, recently wrote in a note that making new monkeys might devalue old tokens, but he noted that this is not certain. He added that the new monkeys may be more valuable than the original tokens.
[Update] Yogalbs denies access to Mint function in response to criticism

Yogalbs removed their access to the unlimited NFT issue of the Bored Monkey Club. This vulnerability could be exploited by hackers and lead to an influx of new NFTs into the market.

EmperorTomatoKetchup co-founder and developer EmperorTomatoKetchup tweeted:

    The contract owner is now burned. We wanted to do this for a long time, but we did not do it due to various considerations, but we felt that now was a good time to do so. it is finished.

This person and another of the founders of Yugalbs, Gargamel, provided a link to the transaction that rendered the code ineffective. In this transaction, it can be seen that the renounceOwnership function has been called. In this way, it will not be possible to abuse the Mint function as the Owner of the contract.

 

 

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