The Replicandy assortment plummeted after hundreds of recent NFTs had been immediately minted and dumped.
Artist Matt Furie, the creator of the Pepe the Frog meme, launched one other NFT assortment on June 17. Nonetheless, the contract was exploited on Thursday, permitting the attacker to mint and promote hundreds of NFTs, destroying the gathering’s flooring worth.
The ‘Replicandy’ assortment traded as excessive as 0.08 ETH ($210) till somebody minted an extra 6,000 NFTs at $2 per token. These new mints had been instantly up greater than 100x, and the recent provide was unloaded into liquid bids on NFT platforms.
The exploit resulted within the Replicandy flooring worth cratering 97% from 0.08 ETH to 0.0025 ETH in only one hour.
Furie has launched 5 totally different NFT collections, probably the most notable being the Hedz profile image assortment, which trades at 1.16 ETH ($2,800) per NFT.
Regardless of earlier successes, this isn’t the primary time certainly one of Furie’s NFT collections has gone awry, which 0xQuit, the VP of Blockchain at Yuga Labs, was fast to level out.
Chain/Noticed, the entity that has incubated Furie’s earlier launches, in addition to Replicandy, addressed the problem on X, saying, “Replicandy was targeted and exploited by a known party. The contract was compromised, and our team is actively pursuing all appropriate channels to address it. We appreciate your patience and will share more soon.”
