NFT token projects, which exploded in 2021, attracted attention as a crypto sector that managed to survive in the last months when the crypto markets were corrected. There is a warning about NFT projects currently being discussed. Details of the topic cryptocoin.com‘in.
Warning for NFT token projects
One DeFi detective claims that one “suspicious” smart contract code could put dozens of projects at risk. “TLDR: they can withdraw $$ even if the owner is an empty address,” writes a crypto expert named Zachxbt. According to renowned decentralized finance (DeFi) detective Zachxbt, 31 non-alterable token (NFT) projects could be at risk due to “suspicious code”. In a lengthy Twitter thread on Tuesday, the DeFi detective first brought up the issue of NFT project Thestarlab, which was allegedly compromised for 197,175 Ether (ETH), worth $580,325 at the time of publication. Crypto expert Zachxbt quoted fellow blockchain researcher MouseDev, who came to the following conclusion after examining the code behind Thestarlab. Here is the quote:
[Bu proje için] The smart contract can never be truly waived or transferred – only by an additional owner. The original distributor will always be considered the owner. This means that if they still have the deployer’s private key, they can withdraw the money even if the owner is a blank address.
31 projects at risk
MouseDev claimed that when the project developers deployed their contracts, they were storing two variables as owners. “Then, they later replaced one with the empty address, it looks like they gave up, but kept another unchanged variable,” MouseDev said. Based on this information, Zachxbt claimed to have uncovered 31 NFT projects, all contracting with the same Fiverr developer to implement the allegedly problematic smart contract. Additionally, the DeFi detective made the following statements:
Please take due care. Always review the contract beforehand, especially if it is outsourced. Fortunately, a few of the projects since then have been able to migrate contracts and face the Fiver developer. After reviewing it internally, a few found other red flags as well.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.