Yuga Labs, a company behind the Bored Apes Yacht Club NFT collection, has patched the code of its smart contract that allowed — if executed — to mint an infinite amount of additional non-fungible tokens (NFTs).
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Yuga Labs Co-Founder EmperorTomatoKetchup said in a tweet the firm didn't hurry to fix the code because of an "abundance of caution."
"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."
The tricky function was first spotted by NonFungibles CEO Dan Kelly in June 2021, when he noted that Yuga Labs could mint as many NFTs as they wanted. A spokesperson for Yuga Labs responded back then that the firm was planning to revoke the function "in the next day or two."
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange