Even Watchdog Group Rug Pull Finder’s NFT Is Exploited

September 4, 2022 - Around 2 mins mins to read

Rug Pull Finder, an NFT watchdog group dedicated to preventing fraud, hacks, and scams in the non-fungible token ecosystem, has seen its own NFT project exploited.

Even Watchdog Group Rug Pull Finder's NFT Is Exploited

The Bad Guys collection is about bad actors stealing NFTs. However, a glitch in its smart contract allowed two people to mint 450 NFTs instead of the permitted one NFT per wallet.

Everyone – we are truly sorry

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
— Rug Pull Finder (@rugpullfinder) September 2, 2022

Rug Pull Finder announced the development, claiming they were notified about the exploit 30 minutes before the mint went live but “did not believe the credibility of the information supplied to.”

Meanwhile, community members mocked the group’s inability to prevent the exploit, with crypto sec expert OKHotshot noting that the 400 NFT mint was technically not a hack or exploit because the contract allowed it.

Today RugPullFinder's nft contract was abused to mint 400 nfts instead of 1 per wallet

This is cause the mint function is missing required checks. Security checks, gas optimizations also missing

Not a hack or technically an exploit – contract allowed it but unethical still ..
— okHOTSHOT (@NFTherder) September 2, 2022

Another community member, Scott Mitchell, questioned why the company went ahead with the mint despite receiving a report of a probable exploit 30 minutes before it went live.

An exploit was shared with us 30 minutes before mint went live — What was shared for the 3 teams?

It took 1 minute to look at WhitelistMint and see if you ran a tx with `chosenAmount` for a large in a single tx outside of a web UI before that wallet minted any it would work.
— Scott ???? | Brawler Bearz (@scottybmitch) September 2, 2022

Meanwhile, Rug Pull Finder appears to be working on a solution. An update on the matter stated that it had contacted the wallets that used the exploit and offered 2.5 ETH to buy back the remaining 366 NFTs.

2/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.
— Rug Pull Finder (@rugpullfinder) September 2, 2022

The incident was not a hack or a scam because the wallets just perceived the advantage in the bug and opted to benefit from it.

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