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NFT defender group Rug Pull finder faces exploitation of its own NFT collection

NFT defender group Rug Pull finder faces exploitation of its own NFT collection

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An NFT monitoring organization called Rug Pull Finder, which works to prevent fraud, hacking and scams in the field of non-repairable tokens, has recently discovered the latest research into the exploitation of the latest collection of NFTs. However, due to a flaw in the smart contract, two users were allowed to mint 450 NFTs instead of the allowed one NFT per wallet.

Rug Pull Finder self-reported, stating that it had been notified of the exploit 30 minutes before the mint went online, but “did not accept the reliability of the information provided.”

Meanwhile, community members mocked the organization for failing to stop the abuse. One crypto security expert, OKHotshot, pointed out that minting 400 NFTs was technically neither hacking nor exploiting, as the contract allowed it.

Another community member took a swipe at the organization, claiming that “(with a) bio mentioning ‘primary source of information’ and ‘researching NFT initiatives’ makes me feel like they’re making a deal that could allow this to happen.”

When the team received a report of a possible exploit 30 minutes before launching the mint, Scott Mitchell questioned why they decided to go ahead with the mint anyway.
In the meantime, it seems as if Rug Pull Finder is making progress in finding a solution to the problem. An update on the issue indicated that it has contacted the wallets that used the exploit and offered to buy back the remaining 366 NFTs for a total of 2.5 Ether each.

It said that the event was not a hack or fraud because the wallets had just seen an opportunity in the bug and decided to use it to their advantage. It now plans to hold a lottery for all 330 newly minted NFTs it bought back from a wallet that was able to produce 400 NFTs in a single transaction.

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