Ripple’s XRPL NFT Suspended Due To Fault Detection Making NFT Possible To Abuse
According to XRPL Labs lead developer Wietse Wind, a setting that could allow malicious players to abuse minted NFTs was discovered. Therefore, the plan was shelved because the developer withdrew the vote in favor.
Since XRPL Labs main developer Wietse Wind temporarily retracted his vote in favor of the development on September 11, there is no guarantee that non-fungible tokens (NFTs) would be made available on Ripple’s XRP ledger any time soon.
According to Wind, a setting that could allow malicious players to abuse minted NFTs was discovered.
The weakness, he continued, could potentially cause XRP tokens issued by NFT issuers to get “locked up due to actions of third parties“.
The issue basically revolves around the collecting of royalties for newly issued NFTs. The issuer typically receives a portion of each secondary sale of the NFT. However, XRPL stipulates that the issuer must possess a trust line.
While preventing spam is a desirable thing, NFTs may suffer greatly as a result of this. A trust line would be formed for the NFT issuer automatically if a flag is set on an NFT according to the existing XLS-20 specification.
However, the sale can take place secretly and lock up the account reserve if that happens.
“A once minted and sent/sold NFT with the lsfTrustLine + Transfer Fee could then be sold back and forth between two or more accounts from an attacker, causing more and more Trust Lines to be created for random shitcoins issued by the attacker.”
The XLS-20 amendment may now lose the majority, according to Wind. He countered that this is actually the wisest course of action because it will give them time to fix the issue and vote again.
Wind disclosed that xTokenize had found the flaw.
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Ripple’s XRPL NFT Suspended Due To Fault Detection Making NFT Possible To Abuse
According to XRPL Labs lead developer Wietse Wind, a setting that could allow malicious players to abuse minted NFTs was discovered. Therefore, the plan was shelved because the developer withdrew the vote in favor.
Since XRPL Labs main developer Wietse Wind temporarily retracted his vote in favor of the development on September 11, there is no guarantee that non-fungible tokens (NFTs) would be made available on Ripple’s XRP ledger any time soon.
According to Wind, a setting that could allow malicious players to abuse minted NFTs was discovered.
The weakness, he continued, could potentially cause XRP tokens issued by NFT issuers to get “locked up due to actions of third parties“.
The issue basically revolves around the collecting of royalties for newly issued NFTs. The issuer typically receives a portion of each secondary sale of the NFT. However, XRPL stipulates that the issuer must possess a trust line.
While preventing spam is a desirable thing, NFTs may suffer greatly as a result of this. A trust line would be formed for the NFT issuer automatically if a flag is set on an NFT according to the existing XLS-20 specification.
However, the sale can take place secretly and lock up the account reserve if that happens.
“A once minted and sent/sold NFT with the lsfTrustLine + Transfer Fee could then be sold back and forth between two or more accounts from an attacker, causing more and more Trust Lines to be created for random shitcoins issued by the attacker.”
The XLS-20 amendment may now lose the majority, according to Wind. He countered that this is actually the wisest course of action because it will give them time to fix the issue and vote again.
Wind disclosed that xTokenize had found the flaw.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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