Here’s how Yuga Labs is preventing minting & dumping of thousands of BAYC NFTs

Sahana Kiran
Source – Unsplash

NFT took over the entire globe and apes particularly the ones from Yuga Labs emerged as the king of the crypto jungle. The Bored Ape Yacht Club [BAYC] collection has caught the eye of an array of people. From the average Joe to celebrities, everyone wants a piece of this collection. Meanwhile, ill doers also seem to be lured by the demand and popularity of these apes.

Hacks and phishing scams have become quite frequent in the crypto-verse. More recently, the BAYC Discord server was hacked causing the loss of $360k worth of NFTs. While Yuga Labs was looking to make amends, it fixed an issue that would save thousands of BAYC NFTs from being dumped.

DeFi, NFT and MEV developer, who goes by the username foobar took to Twitter to point out that there was a single private key that entailed the power of minting an infinite number of new and original BAYC NFTs at any given point in time. Furthermore, if the token contract owner undergoes a hack or even gets phished, then the chances of witnessing the minting and dumping of a thousand new BAYC NFTs were high.

This issue was time and again being highlighted in the community until it finally caught the eye of the co-founder of Yuga Labs. The co-founder of the most sought-after NFT collection revealed that the firm intended to rectify this for a long time. Further disclosing that the contract owner was burned, he tweeted,

“The contract owner has now been burned. While we’d been meaning to do this for a long time, we hadn’t out of an abundance of caution. Felt comfortable doing it now. All done. In lay terms: The issue flagged in this article is now impossible.”

BAYC co-founder calls out Discord

The recent hack put BAYC in the spotlight and instilled fear among NFT lovers. This isn’t the first Discord hack that the community had witnessed. A month ago, OpenSea, the largest NFT marketplace’s Discord was hacked.

Therefore, Gordon Goner, the co-founder of BAYC spoke up about finding an alternative to Discord. He said,

“Discord isn’t working for web3 communities. We need a better platform that puts security first.”

With a rise in these hacks and scams, the platform further urged the community to stay wary of suspicious links.