Premint Hack Victims To Be Reimbursed With Over $525,000 In Ether Coins

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The plans for repayment have been disclosed by Premint CEO Brenden Mulligan.

The company has offered a compensation to the victims who lost their NFT holdings as a result of the hack assault that hit the Premint NFT registration platform this week.Premint will return 340 Ether coins, or a total of about $525,000 (around Rs. 4.20 crore), to its scammed users.Brenden Mulligan, the CEO of Premint, has made the announcement.The hacker(s) stole 320 NFTs from the Premint platform, making it one of the greatest cyberattacks of 2022.They are also suspected of selling the stolen digital treasures on NFT marketplaces like OpenSea.

The site will make deposits into the 28 crypto wallets that were compromised of ETH coins equal to the collection floor price of each stolen NFT.The lowest priced NFT of a certain collection is represented by the “floor price”.

“You might think that this payment is insufficient.However, I don’t believe there is another scalable and impartial method to accomplish this.We will never be able to return all of the stolen NFTs to their rightful owners.Mulligan gave a 28-minute live report on the situation on YouTube and declared”, It’s impossible.

The Premint chief also disclosed that the two most costly NFTs that were stolen—a BAYC NFT and an Azuki NFT—had been bought at the listed price and restored to their pre-hack holders.

Premint has also announced the purchase of wallet authentication tool Vulcan in an effort to fortify its security measures; additional information will be released next week.

Premint enables NFT artists to create access-lists for their NFTs with randomly chosen collectors and community members to use for presales and giveaways, as stated on its website.

The platform, which is utilised by several well-known NFT companies, contained malicious JavaScript code that required users to click a pop-up to confirm their identities.Users who clicked on these pop-ups were the target of the hack attack.

In order to enable on-chain analysis and locate all the NFTs taken in this attack, Premint worked with a third-party contractor.

According to news sources, the hacker or hackers were able to obtain valuable items from well-known digital collectibles series, including Bored Ape Yacht Club (BAYC), Otherside, Moonbirds Oddities, and Goblintown, among others.

The 275 Ether tokens obtained by the hacker(s) through the flipping of these stolen NFTs were then passed from the TornadoCash crypto mixer to make the transaction secret and untraceable.

The case is still under investigation.

“The last four days have been filled with nonstop meetings with accountants, attorneys, and Web3 executives.It’s been tremendously complicated and informative”, Mullilgan wrote on Twitter.

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