Tuesday, December 6, 2022

NBA Stops Minting Of Association NFT After Vulnerability Discovered

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NBA Stops minting the association NFT after a vulnerability was discovered and BlockSec revealed a serious one in the latest collection that allowed attackers to mint a huge number of NFTs without paying tokens so let’s read more today in our latest cryptocurrency news.

The NBA stops minting the Association NFT because of a major vulnerability discovered by BlockSec and less than a day after the league announced the mining, it recognized issues with the smart contract that triggered the Allow List supply to sell out. The Blockchain security firm BlockSec revealed a serious vulnerability that can allow malicious entities to mint a huge amount of NFTs without having to pay for tokens. According to the blog post, the company said the main reason behind the flaw is the incorrect use of signature verification.

This means that the contract fails to ensure that the signature can be used by the user once and the vulnerability allows the attacker to reuse a user’s signature and mint tokens to themselves. The company stated:

“We are surprised that how such a vulnerability can exist in a popular NFT project. The whole community needs to pay more attention to the security of the contract.”

NFT-Backed Loans, cryptopunks, sotheby's,

The attacker managed to mint 100 NFTs and sell them on OpenSea and the latest developments depicted the necessity of evaluating the security of the smart contracts. One Twitter user said:

“What’s even more hilarious about this NBA Associated NFT is it’s called V2 on OpenSea. Which means they created a contract, found an error and then released V2 with still the most basic exploit possible in it. Whoever at the NBA choose this partnership needs to be fired.”

The NBA unveiled the launch of the project The Association involves 18,000 NFTs representing all 240 assigned NBA players in the year’s playoffs and 75 NFTs were allocated using Chainlink’s VRF to each player from the 16 participating teams. Leveraging Chainlink oracles will allow the player’s NFT appearance to alter automatically and the dynamic will change the appearance based on the player’s performance. More accomplishments in the 2022 NBA playoffs mean players will see visual changes in their digital collectibles.

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