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Abusing the loophole of NFT generation, or illegal leakage of rare characters worth 76 million yen

Cryptocurrency

Abuse NFT casting method

Larva Labs’ new project “Meebits”, known for its popular NFT (Non-Fungible Token) CryptoPunks, revealed that the token casting (mint) process was artificially manipulated.

Meebits was just released on the 4th of last week, and is a new project launched as an avatar for Metaverse (virtual currency), games, VR, etc. It consists of 20,000 unique 3D characters, of which 9,000 have become popular and sold out within 8 hours of pre-sale. Sales recorded 22,500 ETH, which is equivalent to 9.5 billion yen.

Already well-received by the community from 2D CryptoPunks, Meebits got a lot of attention right after its release.

A 3D “voxel” character called Meebits is created by an algorithm and cast on the Ethereum blockchain. (Voxel is a coined word that is a product of “pixel” and “volume”). Owners can also render their Meetbits and perform actions such as dancing.

Relation:“Welcome to the 3D virtual world (Metaverse)” CryptoPunks development company releases new NFT project Meebits

Larva Labs has announced the free distribution of Meebits to NFT owners of the previously released “Crypto Punks” and “Autoglyphs”. The attackers apparently used the loopholes in Meebits’ NFT minting process to apply for and cancel contracts until they acquired a rarer character.

Following the abuse of the minting method, Larva Labs announced a suspension of NFT casting and trading by the community. He explained that the cause was a leak in the ID of Meebits that had not yet been cast. In addition, there is no problem with the security and trading function of the contract and Meebits to acquire NFT.

Foretell an attack

It was the Twitter name “0xNietzsche” that abused the Meebits contract and obtained a rare character. He had heard that he could make a profit of “$ 300,000 per hour” while announcing the attack, but the tweet has now been deleted.

The Meebits contract included a compressed IPFS (Distributed File System) with the characteristics of individual Meebit IDs. Based on the leak information, 0xNietzsche said he started mint and repeated the process of undoing the deal until he found the Meebit he wanted to get.

A total of 345 transactions are recorded at Etherscan’s address, but most of them are “roll failed” = canceled transactions, and finally 0x Nietzsche won Meebit 16647 “Visitor”. After that, this rare NFT was sold for 200 ETH (about 85 million yen).

I bought Mr. Pranksy, who is called a whale of NFT collector. In addition, Mr. Pranksy sold the purchased NFT for 299 ETH (about 127 million yen).

He seems to think that the value of the Meebit 16647 has increased as a result of the vulnerabilities in the Meebit project being discovered on Twitter and being featured in the crypto media.

Larva Labs Circular

The free distribution of Meebits to the community is until May 10, but developers say most of them have finished casting NFTs. Therefore, for members who have not finished casting yet, we will provide a form to prove ownership of NFTs of CryptoPunks and Autoglyphs, and explain that Larva Labs will use contracts to cast Meebit like other casting processes. There is.

After all Meebit castings are complete, Meebits contracts and transactions will resume.

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Author: Naoko Kouda

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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