Monday, December 5, 2022
HomeNFTNFT defender group Rug Pull finder faces exploitation of its own NFT...

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

An NFT watchdog organisation known as Rug Pull Finder, which works to stop fraud, hacks, and scams in the field of non-fungible tokens, has recently found the latest investigation into exploitation of the latest NFT collection. However, due to a bug in the smart contract, it was possible for two users to mint 450 NFTs instead of the permitted maximum of one NFT for each wallet.

Rug Pull Finder made the announcement on its own, stating that it had been told of the exploit thirty minutes before the mint went online, but that they “did not accept the reliability of the information supplied to.”

In the meanwhile, members of the community poked fun at the organisation for being unable to prevent the exploit. One crypto security expert, OKHotshot, pointed out that the minting of 400 NFT was technically neither a hack nor an exploit since the contract permitted it.

Another member of the community took a swipe at the organisation, claiming that “(with a) bio stating ‘Premier source of information’ and ‘Investigating NFT initiatives,’ it sort of blows my mind that they would start a contract that may enable this to happen.”

When the team received a report of a potential exploit thirty minutes before the mint went live, Scott Mitchell questioned why they decided to go ahead with the mint nonetheless.
In the meanwhile, it seems as if Rug Pull Finder is making progress in finding a solution to the issue. An update that was provided on the issue indicated that it has reached out to the wallets that made use of the exploit and offered to purchase back the remaining 366 NFTs for a total of 2.5 ether apiece.

It said that the occurrence was neither a hack nor a fraud since the wallets had just seen an opportunity in the defect and opted to utilise it for their own benefit. It now has the intention of holding a raffle for all 330 of the newly minted NFTs that it purchased back from the wallet that was able to produce 400 NFTs in a single transaction.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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