NBA Halts Minting Its New NFT over Security Concerns

The US National Basketball Association (NBA) has reportedly stopped minting its latest series of NFTs following the discovery of a critical security flaw. Security reports say that the product showed critical flaws, allowing malicious persons to mint the collectibles for free.

The latest series, called The Association, draws content from this year’s playoffs. The association reportedly started the crypto minting process yesterday. Moreover, the collectibles showcase renowned players from more than 15 teams in the league. However, the looks of each character would change concerning the quality of their play in the games.

The basketball governing body in the nation shared on Twitter that it had ceased the process of minting the NFT collectibles. According to the Twitter post, the NBA highlighted that certain security flaws in the series caused a premature sale of the whitelist.

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Moreover, BlockSec, the security outfit related to cryptocurrencies that first flagged the flaws, identified that the setup couldn’t authenticate whether someone had once used a signature. As a result of the security flaw, an attacker could use the signatures of a real account owner to mint non-fungible collectibles.

Perhaps that’s why the basketball league announced a premature sale. The announcements from the association reveal that some attackers may have taken advantage of the flaws.

BlockSec revealed that the NBA’s project didn’t have any technology to ensure that a user can use only one authentic signature at once. BlockSec added that a security prerequisite was fundamental and ought not to have been a challenge with a notable NFT project as NBA’s project.

When minting from the series of digital collectibles, miners would reportedly not know what character they’re minting until the creators reveal the characters tomorrow. At the time of the report, there were more than 17,999 tokens, out of which miners had minted almost 90% of the tokens.

Not the First NFT Project for the NBA

NBA’s latest NFT project isn’t the league’s initial venture into virtual collections. The basketball association has partnered with Dapper Labs to create a trading place for its 

virtual collectibles. However, The Association signals the first time the league is going outside its connection with Dapper. The latest developments reveal that the association is possibly moving to exploit the fast-growing acceptability of non-fungible tokens across different organizations in the US.

US Investors Reportedly Make Six Times More Crypto Profits than Any Other Country

Meanwhile, a recent Chainalysis report reveals that cryptocurrency investors in the US profit almost six times more than their United Kingdom counterparts, who come second in the highest number of profits made from trading virtual assets.

US investors reportedly realized record-breaking gains of almost 47 billion USD last year. Investors in the UK cryptocurrency industry came a distant second on the list with approximately 8 billion USD total gains. Germany, Japan, and China make the final five on the list.

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Also, the statistics reveal that cryptocurrency investors gained the most from Ethereum (76 billion USD), edging out Bitcoin investors (approximately 75 billion USD) in the concerned year.