There is a single private key out there that can mint an infinite number of new OG @BoredApeYC at any time.

If the token contract owner (a personal wallet, not a multisig) gets hacked or phished, you might see thousands of new bored apes minted and dumped onto the market pic.twitter.com/CLZGaDz1Yx

— foobar (@0xfoobar) June 5, 2022

The contract permits the wallet to mint 30 Bored Apes NFT at once, with no restriction on the total amount of mints. The wallet can continue minting Bored Apes indefinitely so long as it has sufficient funds to cover the gas costs.

Bored Ape is inactive for nearly a year.

The matter has been raised previously, but BAYC has not yet taken action.

Hey thanks, we were just talking about this. Obviously, we're never going to call that function again and we're planning on revoking ownership in the next day or two.

— Bored Ape Yacht Club (@BoredApeYC) June 2, 2021

Dan Kelly, creator of NonFungibles, enquired about BAYC's plans for the event in 2021. BAYC stated that it will withdraw access shortly, but more than a year later, nothing has changed.

The cryptocommunity responds

The crypto community has reacted to the announcement that fresh Bored Apes may be issued.

lmao the bayc deployer can mint more apes at any time https://t.co/3OO5g4Ll0G

— suzuha ⚡🌙 (@dystopiabreaker) February 3, 2022

One user noted that the wallet was still operational as of February 3, 2022, demonstrating that the wallet had the ability to "arbitrary update the metadata connected with each current ape."

Another member of the community utilized the chance to ridicule Yuga Labs, the collection's parent company, by stating that they would address the matter "the same way they take care of their Discord."

Recently, the Bored Ape Discord channel was compromised, resulting in the loss of millions of NFTs.

There is a single private key out there that can mint an infinite number of new OG @BoredApeYC at any time.

If the token contract owner (a personal wallet, not a multisig) gets hacked or phished, you might see thousands of new bored apes minted and dumped onto the market pic.twitter.com/CLZGaDz1Yx

— foobar (@0xfoobar) June 5, 2022

In the meanwhile, Bored Apes is not the only NFT project having this feature. Ethan Hunsaker, a software developer, identified a comparable capability in the smart contract of Doodles.

What impact does this have?

The majority of worries regarding contract functionality stem from the possibility of a compromised wallet. Since scarcity is one of the selling features of Bored Apes NFTs, the prospect of generating an endless number of more NFTs might reduce their worth.

The CEO and founder of Chainfrog, Keir Finlow-Bates, has opined that the development of new Apes may have a negative impact on the value, but this is not certain. He noted that new Apes may become more valuable than their predecessors.