Are the CryptoPunks V1 the original CryptoPunks? Technically, yes. According to LarvaLabs, the company behind the collection, the V1s “are not official Cryptopunks.” How will the market react now that they’re making a resurgence, though? This might be the first, but it’s not the last time you’ll hear about the CryptoPunks V1. Let’s explore their history and the controversy around them. Related Reading | Snoop Dogg Joins The Bored Ape Yacht Club And The Sandbox. Read All About It What Are The CryptoPunks V1? 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. Here’s a thread explaining the technical details of the faulty contract: Explaining the V1 CryptoPunks exploit…this one is incredibly tricky so want to share what I learned! TL;DR – when a buyer purchased a punk, the ETH deposited in the contract could be withdrawn only by the *buyer*, not by the seller.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 — foobar (@0xfoobar) March 24, 2021 What did LarvaLabs do? They disowned the original series and started again. They gave away another set of 10.000 CryptoPunks, the V2, and the rest is history. The almost free co...
