Best non fungible tokens

Shocking:NFT Rugpull Finders Scammed After Minting it’s Own Collection

Share article now

Shocking:NFT Rugpull Finders Scammed After Minting it’s Own Collection:

The NFT scamming rate is growing massively, and has made room for NFT watchdogs, auditors, and the likes to trip in, and offer security in this space.

One such renowned auditor is the Rug Pull Finder (RPF), an NFT watchdog who investigates alleged scams upon request and attempts to keep the NFT community updated via Twitter.

Unfortunately, things went reversed, as it seems that the community compromised auditing some of the protocol’s own work before minting its own NFT collection.

Recently, RPF decided to mint a collection of NFTs called Bad Guys,”  representing NFT scammers in various tongue-in-cheek situations.

This digital art was to serve as a whitelist for another NFT drop coming later this autumn.

Due to normal NFT whitelist policy, minting was supposed to be limited to one per wallet.

Unfortunately, the minting process was compromised by exploiters who managed to get over 450 NFTs out of a total of 1,221 in short order.

The devs responsible for the commotion have apparently been let go in the meantime, and the team at Rug Pull Finder has admitted to the failure in inviting an independent third party to audit the project, resulting in the compromised whitelist mint.

However, the team has already reached out to the hackers, who were able clinch some kind of agreement with RPF.

Out of the 450 NFTs minted via an exploit, 366 will be returned to RPF shortly in exchange for 2.5 ETH, according to RPF tweet.

“We have reached an agreement with the wallets that took advantage of the contract, agreeing to pay them 2.5ETH to purchase the remaining 366 NFTs. While they may have found an advantage, this is not a hack or scammers, etc. They found a bug, and they used it for profit”.

This hack is apparently a big blow to the NFT audit project – and to their reputation as auditors.

Although this should send a message for comprehensive planning of the mint coming this autumn.

Meanwhile, Twitter community has commended the transparency and the swiftness of RPF towards the issue at hand.

Leave a Comment

Your email address will not be published.