The pseudonymous co-founder of the DeFi data aggregator platform DefiLlama, shed light on vulnerabilities that could erase all the NFTs minted using the Foundation’s contract.

In the Web3 industry, most projects have open-sourced code, allowing other developers to view the source code of various platforms. This also enables other developers to contribute to the project and flag certain vulnerabilities or bugs.

Foundation NFTs Two Transactions Away From Being Destroyed?

0xngmi, the anon co-founder of DefiLlama, wrote a Twitter thread highlighting an exploit in Foundation’s non-fungible token (NFT) contracts. Foundation is a platform that allows the creation and trading of NFTs

While NFTs are supposed to be immutable, 0xngmi argues that the NFTs minted using Foundation’s contracts “are just two transactions away from being destroyed.”

0xngmi Explains Vulnerability

According to 0xngmi, NFTs minted on Foundation utilize a common smart contract for saving gas fees. Moreover, Foundation has a feature that allows contract owners to destroy it if it has no NFTs.

Hence, if the Foundation team or certain bad actors destroy this common contract, all the collection contracts might stop working.

Two-out-of-six
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Author: Harsh Notariya

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