Rug Pull Finder – The NFT Audit Structure Victim of a Vulnerability Exploit

Some ads aren’t necessarily good, even for those whose goal is to surf on any kind of visibility. Especially when it falls into the realm of what can be summarized as ” served the listener“. A formulation impossible a priori, at least before it the rise of DeFi and the number of attacks has been continuously increasing since its inception. Because even with multiple checks, bugs and other exploits follow one another with tens of millions of dollarss. A specificity that the NFT sector seems determined to compete. With the almost comical launch of the Bad Guys collection of the very (un)just project Carpet Pull Finder.

The NFT market has become the target of many types of scams. With an estimated loot of more than $100 million stolen since the beginning of this year. And terrifying numbers that are no less than 90% of holders of these random rarities digital images are victims of this type of fraudulent act. Fortunately, players in this ecosystem are taking matters into their own hands… or not!

NFT Tokens

90% of NFT holders have already been scammed

Hugh B. – 26 Apr 2022 – 09:00

The NFT market has grown from […]

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Because the NFT community is trying to organize itself. especially with setting up monitoring and/or audit structures to identify the good projects from those that should be avoided at all costs. But it’s clear that this internal battle still needs some tweaking on the side of the good guys. A reality that has just come into violent clash the Rug Pull Finder project at the launch of her collection Bad guys, intended to make fun of scammers in the NFT industry. oops…

Bad Guys – The NFT Collection

The case started at the end of last week with… the official launch of the project’s whitelist Bad guys. 1221 characters with random rarities representing scammers of the NFT sector in ironic and humorous situations. But the joke was clearly (very) short-lived. Because the irony shown quickly turned against the Rug Pull Finder structure that underpinned this initiative. The latter presented on his Twitter account as “the first source of information and questions from the community about NFT projects”. And at the origin of audits for certain players in this ecosystem.

NFT Tokens

NFT vs phishing – How do you identify and avoid potential scams?

Hugh B. – June 07, 2022 – 3:00 PM

Holders of NFTs have become prime targets for scams […]

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Because at the time of activating the sale reserved for VIP whitelist members, an insect has come to spoil the party. Indeed, as the Rug Pull Finder team quickly realized, the code of this operation was not checked by an independent structure. The immediate result is an exploitation of this flaw by two smart guys, not even hackers. And finally, the purchase of a total of 450 NFTs, while the number was limited to one per address.

We were wrong. We made a big mistake. Our contract had a loophole that allowed 2 people to recover over 450 NFTss. »

Carpet Pull Finder

Bad Guys – Rug Pull Finder Cashing In Its Own NFTs

In this case, the main casualty remains the Rug Pull Finder project, which will need to recover from this apparent loss of credibility. Because the 366 NFTs bought in error will be returned, after an agreement with the two whitelist profiteers. This while it is stated that it is no more a hack than an operation carried out by crooks. One last point on which everyone will form their own opinion. Because this initiative presented simply as “lucrative”, right was run against the rest of the project community and Bad Guys.

We made a deal with the wallets that took advantage of the contract and agreed to pay them 2.5 ETH to buy the remaining 366 NFTs. Although they have found an advantage, it is not a hack or scammers. They found a bug and used it for profit. »

Carpet Pull Finder

Will all of this ultimately be just effective publicity—even if it remains negative—for the Bad Guys project? With a bottom price currently pointing to 0.03 ETH at the time of writing this article. Or the programmed end of a stillborn project, after a critical failure of the initiators? The question remains open for only a few days after this operation, which can be described as disastrous.

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