Larva Labs, a popular NFT developer was at the receiving end of an exploit that could have cost it nearly $700,000. An attacker managed to mint a rare NFT from the Meetbit collection estimated to be worth $700,000 and offered to sell it for 300 ETH on OpenSea. Interestingly, the exploiter even continued to offer hints on the Meetbits Discord server as well as Twitter
The attacker offered multiple hints during the exploit and said he anticipates making $300,000 per hour and later deleted those tweets as well. The attacker used “rerolling” to mint an expensive rare collectible where the contract offered him the rare one after 345 total transactions. The Ether scan address gave the first hint about the possible exploit after it showed multiple absurd transactions.
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The Meetbit contract then paused all trading functions and minting options to stop any further exploitation and explained how the attacker managed to exploit the contra
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