100 NBA NFT Basketball Cards Stolen In Hack On Launch Day

The National Basketball Association launched its Ethereum-based ETH/USD non-fungible token (NFT) basketball trading card collection on Wednesday. By Thursday, 100 were already stolen by hackers.

What Happened: NBA's new NFT contract featured a vulnerability caused by the smart contract not having a nonce ensuring it can be used only once and does not bind the message signer, as explained by cryptocurrency cybersecurity firm BlockSec.

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This vulnerability was exploited within just hours after the firm enabled token minting by a hacker who minted 100 NFTs and then sold them, paying 2.72 ETH of transaction fees, worth about $8,565 as of press time.

See Also: How to get free NFTs

The official account of NBA's NFT initiative recognized the problem and publicly apologized in a tweet, saying the firm is "currently identifying the Allow List wallets that were not able to mint as a result" of the illegitimate minting by the hacker. The company promised that it is working "towards a resolution for those affected."

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