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Rise of The Degens
Greed and envy are the downfalls of humanity, but not the Degens’. Due to the high demand and the impact that Degens has had over the past couple of months on the NFT space, there are always many eyes on our project and community.
Sadly, some of these eyes have always been malevolent. Fud, false accusations, attacks, you name it, we have seen it. Yet we have never let this affect our community or us; the strength and support of our community are living proof of that.
On Monday, October 17th, one of the developers who had worked on our staking contract used the private key to the contract to modify the source code. This resulted in the developer having control over the staking contract and allowed him to alter the contract without us knowing. This attack resulted in 100 stolen NFTs and 350 others locked under his control.
The attack didn’t source from our staking website or contract. The code for both the website and contract was fully audited and secured. The cause of the attack was the human factor, greed, and envy.
We immediately took action to stop the bleeding. Our actions were the following:
- 1.We instantly contacted all the major Solana marketplaces to remove our collection from the website to prevent the hacker from selling stolen NFTs. This was very effective, thanks to their quick responsiveness.
- 2.We kept calm during the storm in our Discord community and maintained constant communication with them, informing them about every step we took to control the situation; thanks to our understanding community, this wasn't a challenging task either.
- 3.We worked two sleepless days to devise a plan to allow us to move forward and adequately compensate our community and holders. The result of the plan was the following:
The issue now would be that the hacker's wallet would become the biggest holder, allowing him to manipulate the floor price at his will if we were to list the collection on any of the Solana marketplaces. The best solution we could come up with was to re-mint the entire collection. Yes, a re-mint of the collection as a whole. However, without changing any metadata or art (I.E., sweeper#0001 = sweeper#0001).
As a reward to our holders and believers, for each sweeper held in a wallet before the hack, our holders will be rewarded an additional NFT. (I.E., ten sweepers held, ten free mints + 10 extra NFTs airdropped). This will increase the circulating supply of our collection to a total of  NFTs; this will reward our holders and increase our collection’s volume.
Our precious NFTs weren’t the only thing damaged. Since the platform was attacked and most of our holders had their $Degen tokens on the platform, their tokens were also affected. However, we have taken the necessary action to ensure that our holders will be getting back all of their tokens without a thing to worry about.
Because we have one of the most unique collections and art styles throughout the entirety of the Solana ecosystem, and we are incredibly proud of our collection's art, changing the art or art style is the least of our concerns and the last of our thoughts. We are extremely proud of our art team and what they have created. On the other hand, our art is the DNA of our project.
We instantly took action against the hacker, he was fired on the spot, and our legal team started taking action against him. Furthermore, to ensure that we don’t run into a similar incident in the future, a full screening of any developer who works with Degens will be taken.
We also decided to do a rebranding procedure to mark the occasion and break the curse. Enabling our community has always been one of our main priorities. Hence, we decided to allow them to identify with a new version of our project.
As titled "rise of the Degens," "Degens" will be our new identity, simple and straight to the point. Rebranding from Degen Sweepers to Degens was planned since our first mint. However, the hack allowed us to do it earlier. Fud from the past and now a hack, it was about time to turn a page on the past and prepare for what the future holds for us.
We are building more than another generic NFT project with a useless utility token and a dead Discord server. We are building this project as a real business/startup. In order to level our quality and standards up, this rebranding was necessary.
None of this would be possible without our community's full support and understanding. We are incredibly grateful for every member of our robust community, and we will keep them our highest priority during every step of this rebirth.
The Degens, a brand by degens for degens.