NFT Watchdog Group Sees Its NFT Collection Exploited – Coin24h.com
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
Rug Pull Finder, an NFT watchdog group working to prevent fraud, hacking and scams in the non-repairable token space, has seen its own NFT project exploited.
Called Bad Guys, the collection is based on bad actors who steal NFTs. But a flaw in that smart contract made it possible for two people to mint 450 NFTs instead of the allowed one NFT per wallet.
Carpet tensile test announced development itself, saying that it was notified of the exploit 30 minutes before the mint started, but that they “didn’t believe the credibility of the information being sent”.
Meanwhile, community members laughed at the group’s inability to prevent the exploit, with crypto-sec expert OKHotshot pointing out that the 400 NFT Mint wasn’t technically a hack or an exploit because the contract allowed it.
Another community member shot back at the group, saying that “(when) the bio said ‘Primary source of information’ and ‘Researching NFT projects’, I feel like they’d make a deal that would allow this to happen.”
Scott Mitchell questioned why the team continued with the mint when it received a report of a possible exploit 30 minutes before going live.
Rug Pull Finder buys 366 NFTs for 2.5 ETH
Meanwhile, Rug Pull Finder seems to be finding solutions to the problem. An update shared Situation confirmed that it has contacted wallets that took advantage of the exploit and offered 2.5 ETH to buy back the remaining 366 NFTs.
It described the incident as not a hack or a scam, as the wallets only saw the bug as an advantage and decided to use it for their profits.
That now plans raffled off all 330 NFTs it bought back from a wallet that was able to hit 400 NFTs in one transaction.
While Rug Pull Finder says its NFT exploit was not a hack, Comparitech’s research showed that malicious players have grabbed more than $86 million worth of NFTs this year alone.
For Be[In]Crypto’s Latest Bitcoin (BTC) Analysis, Click here.
All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at his own risk.