An infinite mint attack happens whenever an attacker manipulates a contract’s code to constantly mint new tokens beyond the authorized supply limit.

This type of hack is common in decentralized finance (DeFi) protocols. This attack compromises the value and integrity of a token or crypto by developing an infinite quantity of them.

For example, a hacker exploited the Paid network’s smart contract vulnerability to mint and burn tokens, resulting in a $180 million loss and an 85% plunge in PAID’s value. At least 2.5 million PAID tokens were changed to Ether (ETH) before that attack was thwarted. The network reimbursed users, dispelling rumors of an inside job featuring rug pulls.

The malicious actor could profit from these attacks by selling the tokens created illegally or interfering with the affected blockchain network’s normal operations. The prevalence of infinite mint attacks insists on how important it is to perform extensive code audits

Keep reading this article on E-cryptonews.com.

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