The Saudis NFT collection reached the number 1 spot on OpenSea on the day it launched but a cloud formed over the project as 10% of the NFTs were minted by one person that made 194 ETH so let’s read more today in our altcoin latest news.
Wallet 0x8026made almost $2 million since February by botting free mint NFT projects like Tubby Cats, Shroomz and Crypto Dads, and also The Saudis. An analyst uncovered that the wallet used to sell the NFTs on OpenSea and used plenty of wallets to bot the free mint and turn about $16,000 in gas fees into $234,000 in less than day. The wallet performed similar actions a few times in the past and previous projects like Tubby Cats, Jungle Freaks, Galaxy Eggs, Crypto Dads, and Shroomz all became victims to the scalper. The mints were bottled via associated wallets and then moved to the wallet to trade on OpenSea. The wallet now holds 194 ETH but its most significant balance was back in February when it peaked at 464 ETH.
The wallet received hundreds of Tubby Cats NFTs from the smart contract owned by the wallet that was designed to snipe Tubby Cats from the developer. The contract obtained 1250 Tubby Cats and sold them for $1.4 million worth of ETH. The funds were sent to multiple wallets via the Disperse App. The users on The Saudis discord also reproted their wallets being drained by scammers. Usually, Discord moderators limit the use of such words to only officially recognized accounts but some users are claiming the scammer “tagged everyone” and sent a link to the chat that they should start mining before it mints out. Unfortunately, some users fell for the scam.
It seems poor Discord security was the cause of the NFT collectors losing the content of their wallets so the users now have to act fast and grab their NFT before the mint sells out.
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As a result, some were not as careful with reviewing URLs and smart contact permissions before they signed the request. The Saudis project is maintaining a new high floor price no matter the issues with the price now at 1 ETH.
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