Yuga Labs developers saved 68 NFTs from the floor exploitation
Developers affiliated with Yuga Labs have rescued 68 non-fungible tokens from the floor protocol.
Yuga Labs CEO Michael Figge said Monday that the returned NFTs are now under the company's control and will be returned once the resolution is complete.
Yuga's anonymous blockchain vice president 0xQuit said the recovery covered more than $500,000 worth of NFTs.
Source: Michael Figge
Although the NFT market has cooled, some sets still hold high floor prices. CryptoPunks has a floor price of around 32.7 ETH ($54,612), while Bored Up Yacht Club NFTs are sitting at around 9.16 ETH, CoinGecko reports.
The flooring protocol was already twisted.
The incident hit the protocol, which was already in decline in part of its consumer-facing NFT business.
Floor Protocol said its Web3 consumer services are entering sunset mode in September 2025 and advised FPv2 token holders to return their NFTOs and exit their fractional positions before October 15, 2025.
Related: OpenSea postpones SEA token launch citing ‘difficult' circumstances
Former CEO Free Lunch Capital said the protocol prevented liquidity problems and organizational changes from taking over parts of the NFT sector.
FreeLunchCapital said they continued to provide liquidity and kept some of their own NFT assets on the platform to help users exit the platform, saying those assets were prime targets during the exploit.
FreeLunchCapital said they are in talks with the parent group behind the management team to regain control of the protocol.
The NFT market is below a new high.
Although it has fallen from its peak, the NFT market still represents a value of billions of dollars. According to CoinGecko data, the total NFT market capitalization rose to $2 billion in late April and early May before falling back to $1.4 billion on Monday.
90-Day NFT Market Capitalization Chart. Source: CoinGecko
NFT price floor data shows that CryptoPunks and Bored Ape Yacht Club remain the two largest NFT clusters by market capitalization.
CryptoPunks had a market capitalization of about 339,400 ETH (about $560 million), while BAYC stood at about 90,590 ETH (about $150 million).
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