Rug Pull Finder ironically faces exploit, quickly resolves the issue

September 06, 2022

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Watchdogs, auditors, and the like would inevitably grow more in demand as malicious actors continue to launch hit-and-run attacks against crypto initiatives. Rug Pull Finder is one such auditor; it’s an NFT watchdog that looks into alleged frauds on demand and tries to alert the community on Twitter.

Sadly, it appears that the community minted its own NFT collection without auditing some of the protocol’s own efforts.

Recently, Rug Pull Finder decided to create a set of NFTs dubbed “Bad Guys” that are intended to parody NFT scammers in various scenarios. This digital artwork was created as a whitelist for a later NFT drop scheduled for this autumn. Minting was supposed to be restricted to one per wallet because of the whitelist’s intended use.

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Unfortunately for RPF, the mint was broken into by exploiters who quickly obtained over 450 NFTs out of a total of 1,221 NFTs.

As discussed on our Twitter space's earlier today –

We messed up. We messed up big. Our contract had a flaw that allowed 2 people to scoop up over 450 NFTs.
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Here is what we are doing to fix it 🧵

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

Quick resolution by Rug Pull Finder

The developers that caused the controversy have reportedly been fired in the meantime. The staff at Rug Pull Finder has also acknowledged that by not inviting a neutral third party to assess the project, the whitelist mint was compromised. The exploiters were immediately contacted by the team and appear to have acted in good faith and made some sort of settlement with RPF.

366 of the 450 NFTs lost in the exploit will be given back to RPF soon in exchange for 2.5 ETH. Rug Pull Finder stated:

“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.”

The irony of an auditor failing to follow fundamental auditing processes was not lost on Twitter’s crypto community. The followers have, on the one hand, commended RPF for the transparency and quick settlement of the matter and, on the other hand, made light of the situation.

Recently, as TheCoinRise reported, renowned American actor and comedian Bill Murray recently faced a wallet hack, losing $185,000 worth of Ether intended for charity.