NFT Watchdog Group sees its NFT collection exploited

Rug Pull Finder, an NFT watchdog group trying to prevent scams, 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 who steal NFTs. But a flaw in the smart contract allowed two people to create 450 NFTs instead of the allowed one NFT per wallet.

Rye Pull Finder announced development itself, saying it was informed of the exploit 30 minutes before the coin went live, but they “didn’t believe in the credibility of the information sent to them.”

Meanwhile, community members mocked the group’s inability to prevent the exploit, with cryptosec expert OKHotshot pointing out that the 400 NFT coin 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 that says ‘Premiere source of information’ and ‘Researching NFT projects,’ it’s a bit confusing that they would launch a contract that could allow this to happen. “

Scott Mitchell asked why the team continued with the mint when it received 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 seems 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, as the wallets only saw an advantage in the flaw and decided to use it for profit.

That now plans to raffle all 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 exploitation of the NFTs was not a hack, research by Comparitech showed that malicious players have grabbed over $86 million worth of NFTs this year alone.

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