Meebits NFT minted via an exploit fetches over $750k
Hackers have stolen billions of dollars from crypto exchanges over the past decades. They have mostly targeted crypto trading platforms and other service providers. However, they have now found a way to exploit nonfungible tokens (NFT), making over $700k in the process.
Meebit NFT exploit sells for over $750k
LarvaLabs' NFT platform Meebit suffered an attack yesterday. The exploit allowed the attacker to cheat the system and get an ultra-rare NFT.The attacker revealed his exploits via a series of tweets yesterday. Following the exploit, the attacker sold the NFTs for 200 Ether, currently around $765,000. The hacker tweeted, “Selling punks with unminted meebits @ floor for unminted meebits (30 ETH per). I have 5, DM me if interested.” The attacker, 0xNietzsche, further talked about his exploits on Twitter, claiming that he anticipates making $300,000 per hour during the course of the attack. He deleted the tweet, admitting that it sounded douchey.
The exploit was made possible by rerolling his Meebit mints until the contract granted him the one he desired. The Meebits contract came with a zipped Interplanetary File System file, revealing the characteristics of each Meebit’s ID. The IDs of the Meebits are now public. However, the characteristics were hidden until knowledge of the IPFS leak spread. Due to this, 0xNietzsche made a list of the desirable IDs and developed a contract that minted the Meebits numerous times. He canceled the transaction when he didn’t get a good ID.
The Etherscan address showed 353 transactions, with most of them failing to obtain the required Meebits. The successful roll was for Meebit 16647, a “visitor” or alien. It was purchased by collector Pransky for 200 Ether.
LarvaLabs shuts down marketplace following the attack
Following the exploit, LarvaLabs announced on its Discord channel that it has temporarily shut down the marketplace to ensure no further minting takes place. “We have temporarily paused community minting and trading in the Meebits contract. The contract is safe, all Meebits are safe, and trading is working just fine,” LarvaLabs said.LarvaLabs launched the Meebits collection as an upgrade to its existing CryptoPunks NFT collection. In its announcement of the Meebits, LarvaLabs said, “If the Cryptopunks are an ideal 2D avatar for Discord, Twitter, and other social media, then we hope that the Meebits will be the 3D avatar for virtual worlds, games, and VR. We are bullish about the metaverse future, and we look forward to seeing how the Meebits are used in such environments.”
Some CryptoPunk and Autoglyph holders have yet to redeem their Meebit NFTs.
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