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To those that uses XAMPP 1.7.3 and Mac

Go to Terminal
Enter which php
If it says /usr/bin/php, then proceed to 3.
Enter sudo nano ~/.bash_profile (or sudo vim ~/.bash_profile if you know how to use it)
then paste this export PATH="/Applications/XAMPP/xamppfiles/bin:$PATH"
ctrl - O then enter to save, then ctrl - X to exit.
restart terminal.
Enter which php
If you did it right, it should be the same as the path in #4.
The reason for the mcrypt error is because your mac uses it's native php, you need to change it to the one xampp has.

P.S. I'd recommend using MAMP for laravel 4 for mac users, this issue will get resolved along with the php file info error without a sweat, and the php version of xampp is so outdated.