Rug Pull Finder Gets Pulled Over by an Exploit
The team at Rug Pull Finder fell victim to an exploit shortly after starting their own NFT collection, despite offering auditing services themselves.
As the cryptocurrency industry continues to be plagued by hit-and-run attacks from bad actors, the demand for watchdogs, auditors, and other similar services is likely to increase. This could help bring more stability and security to the space, as well as increase confidence from investors.
Rug Pull Finder is a much-needed watchdog in the world of NFTs. They investigate scams and keep the community updated, which helps to keep the NFT market healthy and thriving.
It is unfortunate that the community failed to audit the protocol's own work before minting its own NFT collection. Hopefully, this will be rectified in the future and the protocol will be able to function more smoothly.
Mint's security has been compromised - time to whitelist your accounts!
The RPF's decision to mint a collection of NFTs called "Bad Guys" is a tongue-in-cheek way of representing NFT scammers in various situations. This digital art is meant to serve as a whitelist for another NFT drop coming later this autumn. Due to the intended function as a whitelist, minting was supposed to be limited to one per wallet.
This is a terrible blow for the RPF, who have worked so hard to build up their NFT collection. It's a real shame that exploiters were able to take advantage of the minting process and walk away with over 400 NFTs. Hopefully the RPF can recover from this setback and continue to grow their collection.
As discussed on our Twitter space’s earlier today –
We messed up. We messed up big. Our contract had a flaw that allowed 2 people to scoop up over 450 NFTs.
Here is what we are doing to fix it
— Rug Pull Finder (@rugpullfinder) September 2, 2022
The developers responsible for the recent kerfuffle have apparently been let go in the meantime. The team at Rug Pull Finder has also admitted to the failure to invite an independent third party to audit the project, resulting in the compromised whitelist mint. However, the team has already reached out to the exploiters, who have apparently acted in good faith and come to some kind of agreement with RPF.
NFTs are mostly returned to their original owners, according to new research.
The recent string of NFT exploits has been a major setback for the crypto community. However, it seems that the developers are committed to returning the lost funds to their rightful owners. In this case, RPF will be receiving 366 NFTs in exchange for 2.5 ETH.
“We have reached an agreement with the wallets that took advantage of the contract, agreeing to pay them 2.5ETH to purchase the remaining 366 NFTs. While they may have found an advantage, this is not a hack or scammers, etc. They found a bug, and they used it for profit”.
This is a significant blow to the project, but it should ensure that the main mint coming this autumn would be able to go ahead as planned. This will help to restore the reputation of the auditors, and the project as a whole.
The community has, on one hand, praised RPF for the transparency and quick resolution of the issue. On the other hand, some have made light of the situation – with the irony of an auditor failing to adhere to basic auditing protocols not lost on its Twitter followers.
The bug exploiters will continue to possess the 84 NFTs that have not yet been exploited. For now, these NFTs will remain in their possession.
The post Irony: NFT Watchdog Exploited Immediately After Minting Its Own Collection appeared first on CryptoPotato.