NFT Watchdog group sees exploitation of its NFT group

NFT Watchdog group sees exploitation of its NFT group

The Rug Pull Finder, an NFT watchdog group that seeks to prevent fraud, hacking and scams in the non-fungible token space, has seen its NFT project exploited.

The group 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 NFT allowed per wallet.

rug finder announce The development itself, saying that the exploit was informed of the exploit 30 minutes before the mint went into operation, but that they “did not believe the credibility of the information sent to”.

Meanwhile, community members derided the group’s inability to prevent the exploit, with cryptographic expert OKHotshot noting that the 400 NFT mint was not technically a hack or exploit because the contract allowed it.

Another member of the community took a snapshot of the group saying, “(With) the CV mentioning ‘First Source of Information’ and ‘Investigating NFT Projects’, it kind of struck me that they would release a contract that could allow this to happen.”

Scott Mitchell question Why did the team start dealing with the mint when it received a report of a potential exploit 30 minutes before the livestream went live.

Rug finder to buy 366 NFTs for 2.5 ETH

Meanwhile, the Rug Pull Finder appears to be looking for solutions to the problem. that Shared update Regarding the situation, it confirmed that it had reached out to the wallets that benefited from the exploit and offered 2.5 ETH to buy back the remaining 366 NFTs.

She described the incident as neither a hack nor a scam because the wallets only saw an advantage in the error and decided to use it to make their profits.

it is now plans To withdraw all 330 NFTs she bought back from the wallet that was able to mint 400 NFTs in one transaction.

NFT thefts

While the Rug Pull Finder says the NFTs exploit was not a hack, Research Comparitech has shown that malicious players have acquired more than $86 million worth of NFTs this year alone.

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