Premint Will Return $500K In ETH To The NFT Hack Victims

Premint will return $500K in ETH to the NFT hack victims and it is also acquiring the wallet security company Vulcan to prevent other hacks from happening again as CEO Brenden Mulligan noted so let’s read more in our Ethereum latest news.

The NFT registration platform Premint which suffered a hack with more than 300 NFTs stolen, announced that it intends to repay the victims. In a live-stream update, the Premint CEO Brenden Mulligan announced that the company performed an on-chain analysis this week to complete a list of the stolen NFTs stolen during the Sunday hack.

Over the course of the week, each associated wallet on the list will receive a payment in ETH equivalent to the collection floor price of the stolen NFT and Mulligan even noted that the total sum that Premint will repay to the hack victims will amount to 340 ETH or over $525,000. He noted that the NFTs stolen were not all floor NFTs which refer to the cheapest available NFT of the given collection. Some of the NFTS stolen were considered rare and valued at a higher market price:

 “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.”

There were two exceptions to the repayment policy, the two most expensive NFTs stolen on Sunday and an Azuki that was sold for over 10 ETH. Mulligan announced that Premint was able to purchase both FNTs from the new owners at a purchase price and returned them to their pre-hack owners. During the announcement Mulligan stated that the general aversion to repay the victims of the digital assets hacks:

“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. Because it doesn’t teach people a lesson.”

Mulligan claimed that the majority of the people that he consulted after the hack, told him that they don’t have any compensation because the hack occurred on the Premint site and Mulligan still felt the event constituted a one-time exception. The hackers compromised the Premint site with a malicious JavaScript code and created a pop-up site that led to a verification window of the wallet and ownership. The hackers infiltrated the wallets and duped the customers while stealing 321 NFT and selling most of them for $400,000 at the time.

Premint will return the stolen funds as a gesture of the long-term commitment to user security as Mulligan announced.