{"id":482859,"date":"2022-02-04T05:29:54","date_gmt":"2022-02-04T05:29:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=482859"},"modified":"2022-02-04T05:41:43","modified_gmt":"2022-02-04T05:41:43","slug":"what-are-the-cryptopunks-v1-and-how-can-they-disrupt-the-market","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/what-are-the-cryptopunks-v1-and-how-can-they-disrupt-the-market\/","title":{"rendered":"What Are The CryptoPunks V1? And, How Can They Disrupt The Market?"},"content":{"rendered":"

Are the CryptoPunks V1 the original CryptoPunks? Technically, yes. According to LarvaLabs, the company behind the collection, the V1s \u201care not official Cryptopunks,\u201d though. How will the market react now that they\u2019re making a resurgence? This might be the first, but it\u2019s not the last time you\u2019ll hear about the CryptoPunks V1. Let\u2019s explore their history and the controversy around them.<\/span><\/p>\n

What Are The CryptoPunks V1?<\/span><\/h2>\n
Back in 2017, prehistory for the NFT market, LarvaLabs distributed 10.000 CryptoPunks V1. However, there was a fatal mistake in the governing smart contract. After a transaction, it allowed the buyer, not the seller, to withdraw the money. The buyer could literally have its cake and eat it too, leaving the seller completely in the red.\u00a0<\/span><\/p>\n
Here\u2019s a thread explaining the technical details of the faulty contract:<\/span><\/p>\n
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Explaining the V1 CryptoPunks exploit…this one is incredibly tricky so want to share what I learned!<\/p>\n
TL;DR – when a buyer purchased a punk, the ETH deposited in the contract could be withdrawn only by the buyer, not by the seller. So buy(), withdraw(), repeat. pic.twitter.com\/apGwackvMz<\/a><\/p>\n
— foobar\/ (@0xfoobar) March 24, 2021<\/a><\/p><\/blockquote>\n