A small Solana community raised royalties from 5% to 98% to scam hackers as payback for stealing their NFTs. The scammer listed 25 stolen NFTs which were instantly bought and returned back to the original owners.
The non-fungible token industry has faced some of the greatest scams in history leaving traders helpless and penniless. Instead of giving up on those stolen NFTs, the Solana community decided to trick the scammers by working together.
It all began when the attackers hacked into the Discord server for the cross-chain gaming development studio Uncharted NFT, the community lost 25 World of Solana NFTs and 150+ SOL tokens from 109 users’ wallets.
Some of them were quite rare and valuable NFTs from the WOS NFT collection that cost thousands of dollars, causing a big loss for NFT holders.
World of Solanas is a collection of 2,222 NFTs featuring unique semi-real-art style heroines fighting for freedom designed by 2D artist, BTG.
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The NFT collection is at a floor price of 2 SOL with the highest NFT sold for 123 SOL, which is around $5,600. WOS whales suffered the most from this hack as they lost 25 NFTs altogether.
In response to this, WoS developers decided to get back the stolen NFTs by giving hackers the taste of their own medicine by manipulating the royalty percentage.
According to a Twitter post, @QuantMaven and @AngelaTNFT came up with a proper plan. The Discord community asked the dev partner CyberFrogsNFT to set royalties to 98%, which is usually set at 5% for regular traders.
Solana NFTs are all posted on the MagicEden, a Solana NFT marketplace. Once the royalties were raised, the community closely monitored for new listings. The trick was that only the community members knew that this was targeted to catch the hackers, so not even the hacker suspected this sudden change.
In two days, the scammer put up all NFTs on the marketplace. The community grabbed the chance and instantly recovered 15 NFTs out of 25.
The remaining 10 were sniped, which is an act of waiting for an NFT auction and putting the winning bid seconds before it ends to ensure that the buyer wins the NFT.
Despite the sniping strategy, the community managed to recover those 10 NFTs by sending a request through Famous Fox Federation to contact the sniper who willingly returned the NFTs.
In this way, all 25 WOS NFTs were returned back to the rightful owners, leaving hackers empty out of NFTs.
After recovering the NFTs, The community advised NFT holders and traders to use a burner wallet when minting to save themselves from getting hacked.
Although Solana has been doing preventive measures, the NFT holders and traders still need to be educated and aware of various phishing schemes so that they don’t fall under the trap of hackers.
No one really can be blamed for falling for phishing attacks because they always hack when traders have their guard down, but having some awareness can help to some extent.
The Solana community has already managed to recover from hacks twice, which is quite an achievement.