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Rug Pull Finder, an NFT watchdog group that seeks to prevent fraud, hacks, and scams in the non-fungible token space, has seen its own NFT project exploited.
The collection titled Bad Guys is based on bad actors stealing NFTs. But a flaw in its smart contract made it possible for two people to mint 450 NFTs instead of the permissible one NFT per wallet.
Rug Pull Finder announced the development itself, saying it was informed of the exploit 30 minutes before the mint went live, but they “did not believe the credibility of the information sent to.”
Meanwhile, community members made fun of the group’s inability to prevent the exploit, with crypto sec expert OKHotshot pointing out that the 400 NFT mint was technically not a hack or exploit because the contract allowed it.
Another community member took a shot at the group saying “(with a) bio stating ‘Premier source of information’ and ‘Investigating NFT projects’ it kind of blows my mind that they would launch a contract that could allow this to happen.”
Scott Mitchell questioned why the team proceeded with the mint when it got a report of a possible exploit 30 minutes before going live.
Rug Pull Finder to Buy 366 NFTs for 2.5 ETH
Meanwhile, Rug Pull Finder appears to be finding solutions to the problem. An update shared on the situation confirmed that it has reached out to the 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 scam since the wallets only saw an advantage in the bug and decided to use it for their profit.
It now plans to raffle off all the 330 NFTs it bought back from the wallet that was able to mint 400 NFTs in one transaction.
NFT Thefts
While Rug Pull Finder says the exploit of its NFTs was not a hack, research from Comparitech showed that malicious players have grabbed NFTs worth over $86 million this year alone.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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