NFT Premint is a registration platform that suffered some difficulties over the weekend a hack that saw over 300 NFTs stolen from users’ wallets, announced today that it intends to repay the hack’s victims.
In a live-streamed incident update this afternoon, Premint CEO Brenden Mulligan announced that the company, in collaboration with “a third-party, non-Premint employee” performed on-chain analysis this week to compile a list of all NFTs stolen during Sunday’s hack.
Every associated cryptocurrency will be updated over the course this week. wallet The payment will be made to the people on the following list Ethereum (ETH) is equivalent to the floor price for each stolen NFT at 10:00 AM PST today. Mulligan said Decrypt Premint will pay approximately 340 ETH or $525,000 to defrauded customers.
“I realize that the NFTs stolen were not all floor NFTs,” Mulligan said this morning. “Floor” is the lowest available NFT in a collection. Some NFTs that were stolen were rare, and therefore valued at a higher market price than the ones priced at the floor. “You might feel like this compensation isn’t enough. But I don’t think there’s any other scalable and objective way to do this,” said the Premint CEO.
Two notable exceptions to this repayment policy are the two most costly NFTs that were stolen on Sunday. Bored Ape The hackers flipped for 89 ETH ($138,000), an Azuki They sold for just over 10 Ethereum ($16,000). Mulligan today announced that Premint had been able to purchase both NFTs at the purchase price from their previous owners and has since returned them their pre-hack owner owners. Mulligan stated these were the most valuable NFTs taken by the hackers “by orders of magnitude.”
Mulligan, who was unable to pay compensation for victims of digital asset thefts, made the announcement. “I have this feeling, and many others have this feeling, that compensation in this world, when a hack happens, actually has a negative long-term effect,” Mulligan said. “Because it doesn’t teach people a lesson.”
Mulligan claimed that “the vast majority of people” he’s consulted since the hack “have told me that we shouldn’t have any compensation.” Despite this, because the hack occurred within Premint’s own site, Mulligan felt the event constituted a one-time exception to his philosophy.
In a gesture of the company’s long-term commitment to user security, Mulligan also announced today that Premint has acquired wallet authentication tool Vulcan. Mulligan indicated that further details about this partnership would be revealed next week.
Sunday’s hack was only the latest scam to target the NFT market, which last year alone generated $25 billion in sales. OpenSea received a phishing email in February. Over $1.7 Million worth of NFTs were stolen. In April, a hack of Bored Ape Yacht Club’s instagram account Theft of NFT worth $2.8 Million was the result. Last month, actor Seth Green To recover a stolen Bored Ape NFT, we paid nearly $300,000. He had planned to make him the central character of a television series.
Many of these NFT thefts are linked to the involvement of centralized platforms and sites like Premint. These platforms and sites require users to give certain information in return for convenience and other novel features. While giving wallet information over to a centralized platform can expose users to additional risks, it can also offer certain protections, like today’s repayment scheme.
“It’s been a horrible experience for me personally, and the team,” Mulligan said of the week’s events. “Hopefully with this we’re ready to move on.”
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