Artist Matt Furie, the creator of the Pepe the Frog meme, launched another NFT collection on June 17. However, the contract was exploited on Thursday, allowing the attacker to mint and sell thousands of NFTs, destroying the collection’s floor price.
The ‘Replicandy’ collection traded as high as 0.08 ETH ($210) until someone minted an additional 6,000 NFTs at $2 per token. These new mints were immediately up more than 100x, and the fresh supply was unloaded into liquid bids on NFT platforms.
The exploit resulted in the Replicandy floor price cratering 97% from 0.08 ETH to 0.0025 ETH in just one hour.
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