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The Saudis, a new free mint NFT project, have gained the number one rank on OpenSea on its debut day, amassing 4,774 ETH in the first 24 hours. Nevertheless, a cloud has risen over the project as almost 10 percent of the NFTs were created by a single individual who earned approximately 194 ETH.
Jason Cline discovered that the wallet used to sell NFTs on OpenSea had utilized "loads of wallets" to bot the free mint, converting around $16,000 in gas costs into $234,000 in less than a day.
The wallet was investigated by CryptoSlate, which determined that 0x8026 had committed similar operations in the past. Previous ventures such as Crypto Dads, Tubby Cats, Jungle Freaks, Galaxy Eggs, Shroomz, Racoon Mafia, Fang Gang, Al Cabones, and ChiptoPunks have all been affected by scalpers. The mints are packaged through connected wallets and then sent to 0x8026 for OpenSea trading. The wallet's balance is presently 194 ETH, although it reached its highest point in February when it had 464 ETH.
The wallet acquired hundreds of Tubby Cats NFTs in February through an intelligent contract held by 0x8026 meant to steal Tubby Cats from the deployer. The contract purchased 1,240 Tubby Cats for $1,400,000 worth of Ethereum. The monies were then distributed to numerous wallets using the Disperse application.
Scammers who were able to tag all participants in a public channel have plundered the wallets of Saudi Discord users, according to reports.
Typically, moderators restrict @everyone and @here use to just officially recognized accounts. Nevertheless, other users assert that the scammer “tagged everyone” and “posted a link in public chat and stated it was a two-stage transaction that we should mint before it mints out.” Unfortunately, some individuals appeared to have fallen victim to the hoax and had their wallets emptied.
Again, it appears that insufficient Discord security is to blame for the loss of wallet contents by average NFT collectors. During a frenetic free mint-like as this, users must move quickly to obtain their NFT before the mint runs out. As a result, some individuals evaluate URLs and smart contract permissions less thoroughly before signing the request.
Despite the problems, the Saudis project maintains a high floor price, with the price now at 1 ETH and the best offer at 0.97 ETH.