Unhinged Insights: The Hack of DeGods Founder's Wallet and the Faltering NFT Market
Wallet Managing by Frank DeGods Proved to Contain Flaws: Founder's Wallet Depleted Upon Departure
Just a few days post Frank, aka Rohun Vora, DeGods founder, stepping down as CEO, his Solana wallet suffered an unauthorized intrusion, resulting in the swift sale of 16 precious DeGods NFTs. This mischief, Frank declared, was the work of an attacker who exploited a compromised trading laptop.
The malicious actor raked in more than 108 SOL, equivalent to almost $19,000, prompting a flurry of speculation that Frank himself might have sold off his DeGods assets—particularly given his recent departure from the project's lead role. However, Frank swiftly dismissed these shenanigans, stating he maintains zero intention of peddling any DeGods NFTs.
"It's just a load of bull," Frank candidly told us on Thursday. "The witty headlines may tickle some, but let's clear the air: I've no plans to offload my DeGods holdings, and I'm actually pretty darn optimistic about where this team will take things."
In a message shared on the DeGods Discord and re-echoed here, the former CEO expressed ongoing bafflement about the intricate details of the hack, suspecting that the damage was contained to a single wallet.
"It could've been a hell of a lot worse," he emphasized, divulging that he intends to overhaul his entire security system post-incident.
The compromised wallet address was publicly recognized as belonging to Frank as far back as October, when Frank himself shared it proudly as he basked in the limelight following his successful meme coin trading. Though Frank lost 16 NFTs in the breach, he boasted numerous other NFTs in other wallets—and hinted that there were myriad lucrative strategies the hacker could have employed, thereby further distancing the misdeed from himself.
"If someone desired to earn money off that wallet, there are a plethora of more expedient methods, like founding a coin or snapping up lowcaps to resell on copytraders," he explained pointedly.
To prove his allegiance to the brand, Frank revealed another of his Solana-backed wallet, adorned with more than $50,000 worth of the DeGods Solana ecosystem token, DEGOD.
With Frank handing the reins to pseudonymous team members Pasta and Chill, the community is stirred with cautious optimism.
"I'm thrilled to hand the baton to the team and watch them cook," Frank's post read on Monday, tempered with a touch of cynicism. "Perchance we'll one day look back on this uproar over 'Frank DeGods' as the hindrance that snarled our path forward."
Over the past three years, Frank dedicated sleepless nights to building DeGods and y00ts into a success, and he's immensely proud of the heights he towered.
Frank resurfaced this week to announce his departure, but he had remained MIA from the social media spheres where his clout blossomed to an impressive 420,000 followers, last posting in February as whispers about his meme coin trading and connections to other merchants grew louder.
DeGods—initially a Solana-based NFT endeavor—culminated in one of crypto's most raucous communities. The ecosystem evolved to embrace a companion collection, a Bitcoin Ordinals collection, and even a share in Ice Cube's BIG3 basketball league, back in 2022. However, the brand faced controversy amid its decision to migrate blockchains multiple times and struggled to escape the waning NFT market demand, which has afflicted most NFT projects since 2021-2022's bull binge subsided.
The collection peaked with a floor price of $37,000 on Solana in 2023 but now swings at just above $1,000.
Edited by Andrew Hayward
Unfiltered Briefs
Submerge yourself in SCENEJust days following Frank, aka Rohun Vora, DeGods founder's abdication as CEO, a stunning 16 DeGods NFTs from his Solana wallet were purloined and peddled in open marketplaces, a transaction he acknowledged as the handiwork of an interloper, disclosing the criminal exploit of a pilfered trading laptop.
The miscreant successfully offloaded more than 108 SOL, equivalent to close to $19,000, for the pilfered NFTs, which included a rare DeGod donning a mythical helmet.
Traders on X (earlier Twitter), were quick to suspect that Frank, Post-announcing his departure from the commanding position, was flogging off his DeGods assets. Yet, Frank dispelled these allegations in no uncertain terms. "Honestly, it's just absurd," Frank stated. "The headlines are rather comical, but allow me to stress emphatically, I have no intentions of selling my DeGods stash, and frankly, I remain hopeful about the team's potential."
In a message relayed to the DeGods Discord and re-broadcasted to us, the former CEO asserted his confusion over the matter, maintaining that his suspicions lean towards the incident's containment to a single wallet. "It could have turned out much, much grimmer," he told us, adding that he intends to scrutinize every nook and cranny of his security procedures in the aftermath of the incident.
The DeGods community had long been aware of the now hacked wallet address as far back as October, when Frank himself publicly revealed it during a stint of substantial meme coin trading attention. Despite his theft of 16 NFTs, Frank held a hefty cache of DeGods NFTs in other wallets and hinted that the hacker could have employed numerous other ways to amass wealth from that compromised wallet, dismissing the baseless theories churned out on X.
"If someone wished to earn off that wallet, there are countless more expedient methods, such as launching a coin or pouncing on lowcaps to sell on copytraders," he elucidated tersely.
To demonstrate his unwavering support for the brand, Frank revealed another Solana-backed wallet, brimming with over $50,000 worth of the DeGods Solana ecosystem token, DEGOD.
As Frank handed over the reins to pseudonymous team members Pasta and Chill, the community awaits with pockets clenched and expectations tensed.
"I'm more than ready to surrender the leash to the team and watch them shine," Frank's post read on Monday, laced with a hint of bitterness. "Maybe we'll one day reflect on this kerfuffle over 'Frank DeGods' as the stumbling block that necessitated our triumphant march forward."
- Frank declined accusations that he sold his DeGods NFTs following the hack of his Solana wallet, assuring that he has no intentions of offloading his DeGods holdings.
- In the aftermath of the hack, Frank intends to overhaul his entire security system to prevent future mishaps.
- Despite losing 16 NFTs, Frank holds numerous other NFTs in different wallets and suggested that there were more expedient methods for a hacker to earn money from his compromised wallet.
- Frank revealed another of his Solana-backed wallet, filled with over $50,000 worth of the DeGods Solana ecosystem token, DEGOD, to show his allegiance to the brand.
- As Frank passed the leadership to pseudonymous team members Pasta and Chill, the community eagerly awaits their future achievements, hoping that they can overcome challenges like the recent hack incident.
