NFT-based Rug Pull Finder falls victim to a smart contract exploit | The Financial Express

NFT-based Rug Pull Finder falls victim to a smart contract exploit

On the basis of information by Cointelegraph, through a Twitter post of the NFT investigator, it stated that two people exploited a technical problem in the project during the free mint stage

NFT-based Rug Pull Finder falls victim to a smart contract exploit
After consultation with the online community, RPF has decided to distribute the recovered NFTs across different spaces

Rug Pull Finder (RPF), a non-fungible token (NFT) watchdog aiming to look for Web3.0-oriented frauds, has reportedly been at the receiving end of a smart contract exploit of its own, as reported by Cointelegraph.

On the basis of information by Cointelegraph, through a Twitter post of the NFT investigator, it stated that two people exploited a technical problem in the project during the free mint stage, which plifered 450 NFTs out of around 1,221 NFTs which were expected to be limited to one per wallet. As per RPF, their smart contract already had a problem which resulted in the code getting exploited, and allowed the hackers allocate more than the allowed number of NFTs. Soon after the development, the RPF team tried to make changes by offering one of the involved people a bounty of 2.5 Ether (ETH) to recover 330 of the accepted NFTs. 

According to Cointelegraph, the watchdog group admitted that the exploit took place due to ignorance of warnings from an undisclosed source about the potential flaws sent half an hour before the NFTs went live. RPF pointed at digital blockchain creative agency Doxxed Media for handling the art and contract work. The irony of the exploit has been felt absent in the cryptocurrency community, with some heaping praise for the NFT investigator at admitting to its fault while others raised questions on the company’s credentials.

Moreover, Cointelegraph noted that after the setback, RPF has reportedly managed to get their NFT project back on track. After consultation with the online community, RPF has decided to distribute the recovered NFTs across different spaces, including in the Bad Guys Vault, a raffle on Twitter, and two other raffles for projects that are reportedly that are close to Rug Pull Finder and the Rug Pull Finder public sale wallet collection list. 

(With insights from Cointelegraph)

Also Read: Solana’s Anatoly Yakovenko on how the blockchain has suffered from network failures

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