DefiLlama Co-Founder Discloses Exploitation In Foundation NFTs

The co-founder of DeFi data aggregation platform DefiLlama, using a pseudonym, shed light on vulnerabilities that could wipe out all NFTs minted using enterprise nodes.

In the Web3 industry, most projects have open source code, which allows other developers to view the source code of different platforms. This also allows other developers to contribute to the project and identify some vulnerabilities or bugs.

Foundation NFTs Two Transactions Away From Destruction?

0xngmi, co-founder of DefiLlama, wrote a tweet on Twitter string Highlighting an exploit in non-fungible token (NFT) contracts for the organization. Foundation is a platform that enables the creation and trading of NFTs

While NFTs are supposed to be immutable, 0xngmi argues that NFTs minted using enterprise contracts are “only two transactions away from breaking.”

source: Twitter

0xngmi indicates the vulnerability

According to 0xngmi, the NFT has been minted on the basis Uses Shared smart contract to save gas fees. Furthermore, the Foundation has a feature that allows contract holders to destroy them if they don’t have NFTs.

Hence, if the enterprise team or some bad actors destroy this joint contract, all collection contracts may do so. Stop a job.

A screenshot of the tweets of DefiLlama co-founder 0xngmi
source: Twitter

Two out of the six multi-signature protected shared smart contract. If any two keys are exposed to hackers, they can hold the NFTs for ransom or destroy them.

0xngmi further reveals that he reported the exploit six months ago, but the foundation team has not updated it. In addition, they requested Know Your Customer (KYC) details for 0xngmi that might reveal the identity of the anonymous co-founder.

0xngmi shares his interaction timeline with the Foundation team
source: Twitter

Finally, the enterprise’s chief technology officer answered To the topic on Thursday, status update. he wrote:

This is fixed for contracts published before 3/6.

Contracts posted after 3/6 were already safe – the owner of the execute contract was set to 0, and the contract could not have self-destructed (so). “

BeInCrypto has reached out to the Foundation but has not yet received a response.

Read our full guide on how to create NFTs for free here.

White hat activities or reporting of project vulnerabilities secures the Web3 ecosystem for its users. In 2022, white hat hackers have saved more than $20 billion by reporting vulnerabilities, giving projects a chance to fix them.

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