Premint CEO promises to reimburse the hack’s victims

Premint CEO Brenden Mulligan recently announced they will be reimbursing the victims of the recent hack. According to Mulligan, the reimbursement will be made to wallets in Ethereum based on the current floor price of stolen NFTs; at 10:00 a.m. PST on July 20, 2022.

On Sunday this week, Premint’s official website fell into the trap of hackers. As soon as the news went out, the Premint team began their investigation and this morning the CEO held a YouTube live streaming “PREMINT Incident Update” to give a detailed explanation of the hack.

During the stream, Mulligan announced Premint will pay back based on the NFT floor price. Although the 320 stolen NFTs were more valuable, the CEO said,  “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.”

The CEO also announced they recovered two NFTs, Bored Ape #3613 and Azuki #9024 at a purchase price and returned them to the previous owners.

Mulligan also told the viewers that many people around him advised not to compensate since Premint was the victim too, but he felt a sense of responsibility to reimburse since the hack compromised users’ wallets.

The total reimbursement to all victims is estimated to be around 340 ETH, or over $500,000. Although the compensation based on NFT floor prices might not be enough but it is still better than getting nothing at all.