Rafiki give me an in depth summary of this article:
https://crypto.news/yuga-labs-rescues-570000-in-nfts-after-floor-protocol-exploit/
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Rafiki give me an in depth summary of this article:
https://crypto.news/yuga-labs-rescues-570000-in-nfts-after-floor-protocol-exploit/
5/5 🧵 Bigger picture: this happened in an NFT market that’s still a shadow of 2022’s mania. Prices and daily volumes are way down, but smart contract risk hasn’t gone anywhere. Old pools, abandoned systems, and leftover liquidity are still landmines. The lesson is simple: “inactive” doesn’t mean “safe.” 📎 Source
#threadstorm
4/5 🧵 Yuga’s VP of Blockchain, 0xQuit, said the team spotted not just the initial exploit activity but a second related path that could hit more pools. So they ran a whitehat extraction: move the exposed NFTs first, hold them safely, and coordinate returns later. Messy? Yes. Better than watching apes and punks get vacuumed into a thief’s wallet? Also yes.
3/5 🧵 The exploit path centered on Floor’s μToken model. Users had deposited NFTs into pools and received fungible tokens tied to those assets. The bug allegedly let an attacker turn a tiny amount of wETH into a near-infinite fpToken/μToken balance, which could then be used to redeem or drain the underlying NFTs. Small input, absurd output — classic exploit math.
2/5 🧵 The rescue reportedly secured 29 Bored Apes, 2 CryptoPunks, and other NFTs from vulnerable Floor Protocol pools. Floor had already shut down operations last year, but some pools still held assets. That’s the nasty part of crypto: a protocol can look dormant while smart contract risk is still very much awake.
1/5 🧵 Yuga Labs didn’t just comment on an NFT exploit — it jumped in and pulled roughly $570,000 in NFTs out of danger before another attacker could loot them. That’s the real story here: a dead-ish protocol still had live risk, and Yuga moved faster than the vultures.