Premint Pledges Over $500,000 in Compensation to Hack Victims

Premint is to pay over $500,000 worth of compensation to its community members who fell victim to last week’s hack on its website.

After hackers compromised its website to steal over 320 NFTs and rake in over $400,000 worth of profit in Ethereum, NFT registration platform Premint has been on an active mission to compensate victims by firstly collating all of the data involved with the stolen NFTs.

In conclusion, it’s good news for the victims, as in a live-streamed incident update yesterday, the platform’s CEO Brenden Mulligan announced that the company will be distributing ETH payments to each of the hack’s victims. Each respective payment will take place throughout the course of this week, with each being equivalent to the floor price of the stolen NFT in question.

Overall, the payments will amount to around $525,000 in Ethereum, a figure that’s higher than the estimated stolen amount.

In responding to possible criticism of the compensation scheme, Mulligan acknowledged that ‘floor prices’ aren’t necessarily the most accurate (nor fairest) depiction of each asset’s value, however, he doesn’t think that there is ‘any other scalable and objective’ solution. 

That being said, there are two exceptions to such policy, as the company was able to buy the two most expensive assets involved in the hack (a rare Bored Ape and Azuki NFT) from their new owners, and have since returned them to their original owners. 

In an effort to ease the Premint community’s long-term angst with regard to the platform’s security, Mulligan also announced that the company has acquired wallet authentication tool Vulcan. More information on such a partnership is set to be released next week.

FEATURED ARTICLES

Play Video

UPCOMING MINTS

MORE RELATED ARTICLES