What happened
Rich Dwarves Tribe (DWARF) was an Ethereum NFT collection minted from 0x0A021197…2efAC8 at 0.2 ETH each, starting on 9 January 2022, and it sold out shortly afterwards. The contract has no escrow or delivery conditions: every mint payment stays in the contract's built-in PaymentSplitter, which pays it out 50/50 to two hard-coded team addresses, 0x2b81104a…1be6e9 and 0xf478e86f…4a98a6. ZachXBT's July 2022 investigation put the rug pull at $3.04M, found the proceeds moved to Binance and FTX accounts, two of which were tied to the Bored Bunny, Ancient Cats Club and Mayweverse rug pulls, and noted that Jason Derulo, Ne-Yo, Bow Wow and Fred Durst had promoted the collection.
IBTimes reported that the project's socials had been dead since January and its Discord was broken or deleted, with only one promised giveaway completed. De.Fi's listing adds that the last tweet was posted on 22 January 2022 and that the project's website is down.
How it happened
whitelistMint,presaleMintandpublicMinteach require_price * _amount <= msg.value, with_priceset to 0.2 ETH, and the ETH stays in the NFT contract.- The constructor calls
PaymentSplitter(_team, _teamShares)with_teamShares = [50, 50]and two hard-coded team addresses, and the splitter's publicrelease(account)sends each of them its half of everything received. Nothing ties the payout to the roadmap. - After the collection minted out, the proceeds were moved to accounts on Binance and FTX, according to ZachXBT's investigation.
- The project's socials went dead in January and its Discord was broken or deleted, according to IBTimes; De.Fi's listing dates the last tweet to 22 January 2022 and says the website is down. About $3.04M of mint money stayed with the team, and holders were left with NFTs and no project.
Protocol details
Evidence
- report ZachXBT thread opener on the Rich Dwarves Tribe rug pull (29 Jul 2022) twitter.com
- transaction Rich Dwarves Tribe contract creation transaction etherscan.io
- address Rich Dwarves Tribe verified contract code on Etherscan etherscan.io
- analysis Web Archive archive.ph
- analysis Sourcify match for 0x0A0211973587a837491f0AbE8Bd1Ec8D442efAC8 on Ethereum repo.sourcify.dev
- analysis NFT Collection Promoted By Jason Derulo, Ne-Yo Rug Pulled For $3.04 Million (IBTimes) ibtimes.com
- analysis De.Fi REKT database listing for Rich Dwarves Tribe (DWARF) de.fi
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