Quick take:
- Two people exploited a bug in the smart contract.
- Rug Pull Finder said that the two people were not hackers or scammers.
- Rug Pull Finder is in the process of purchasing back 366 NFTs.
NFT hack and exploit investigator, Rug Pull Finder, had their own NFT giveaway exploited on Sep 2 when two people found a flaw in the smart contract, allowing them to scoop up over 450 NFTs out of 1,221m instead of the intended one NFT per wallet.
Rug Pull Finder took accountability for the exploit, saying that they “messed up big” by not auditing the smart contract work done by their partner, Doxxed Media, a digital blockchain creative agency creating NFT projects with the entertainment industry. The smart contract developers have since been let go from the agency.
As a solution to the situation, Rug Pull Finder 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,” Rug Pull Finder clarified.
Ironically, the free NFT mint by Rug Pull Finder was titled ‘Bad Guys’ and featured artwork depicting “scammers accidentally let loose on the blockchain.” The giveaway was a whitelist/presale before the drop of the upcoming full NFT collection this fall.
Holders of a Bad Guys NFT can have exclusive access to the mint of the full NFT collection, the main drop and other projects.
Rug Pull Finder received information about the smart contract flaw by an unknown source shortly before the mint went live. “After reviewing it with three different dev teams, we did not believe the credibility of the information sent to us… We were clearly wrong, and we are truly, truly sorry,” they said.
Everyone – we are truly sorry
— Rug Pull Finder (@rugpullfinder) September 2, 2022
An exploit was shared with us 30 minutes before mint went live. After reviewing it with 3 different dev teams, we did not believe the credibility of the information sent to us…
We were clearly wrong, and we are truly truly sorry https://t.co/ch0S7co8dA
The exploit was met with mixed reactions as people wondered how it could happen to an entity that offers contract audits and exposes scammers in the space, while others praised Rug Pull Finder for being transparent and taking accountability.
After consulting with their community, Rug Pull Finder has decided to distribute the recovered NFTs through a raffle on Twitter, two other raffles for projects affiliated with Rug Pull Finder, the Rug Pull Finder public sale wallet collection list, and the “Bad Guys Vault.”
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