NUGS Security Issues - Revision history

Azoundria at 21:36, 10 May 2024

2024-05-10T21:36:14Z

← Older revision		Revision as of 15:36, 10 May 2024
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	[[File:Nugs.jpg\|thumb\|NUGS.Space]]The NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared.		[[File:Nugs.jpg\|thumb\|NUGS.Space]]The NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared.

	This is a global/international case not involving a specific country.<ref name="certik-1776" /><ref name="theblockcrypto-4155" /><ref name="nugsarchive-4156" /><ref name="cryptoglobe-4157" /><ref name="spacenugstelegram-4158" /><ref name="juanduandetuantwitter-4159" /><ref name="dextools-4160" />		This is a global/international case not involving a specific country.<ref name="certik-1776" /><ref name="theblockcrypto-4155" /><ref name="nugsarchive-4156" /><ref name="cryptoglobe-4157" /><ref name="spacenugstelegram-4158" /><ref name="juanduandetuantwitter-4159" /><ref name="dextools-4160" /><ref name="comparitech-10032" />

	== About NUGS.Space ==		== About NUGS.Space ==
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	<ref name="juanduandetuantwitter-4159">[https://twitter.com/JuanDuanDeTuan/status/1292978369336938496 @JuanDuanDeTuan Twitter] (Dec 5, 2021)</ref>		<ref name="juanduandetuantwitter-4159">[https://twitter.com/JuanDuanDeTuan/status/1292978369336938496 @JuanDuanDeTuan Twitter] (Dec 5, 2021)</ref>

	<ref name="dextools-4160">[https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c] (Dec 5, 2021)</ref></references>		<ref name="dextools-4160">[https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c] (Dec 5, 2021)</ref>

			<ref name="comparitech-10032">[https://www.comparitech.com/crypto/cryptocurrency-scams/ Worldwide crypto & NFT rug pulls and scams tracker - Comparitech] (Dec 15, 2022)</ref></references>

Azoundria at 16:14, 2 May 2023

2023-05-02T16:14:20Z

← Older revision		Revision as of 10:14, 2 May 2023
Line 4:		Line 4:
	[[File:Nugs.jpg\|thumb\|NUGS.Space]]The NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared.		[[File:Nugs.jpg\|thumb\|NUGS.Space]]The NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="certik-1776" /><ref name="theblockcrypto-4155" /><ref name="nugsarchive-4156" /><ref name="cryptoglobe-4157" /><ref name="spacenugstelegram-4158" /><ref name="juanduandetuantwitter-4159" /><ref name="dextools-4160" />
	<ref name="certik-1776" /><ref name="theblockcrypto-4155" /><ref name="nugsarchive-4156" /><ref name="cryptoglobe-4157" /><ref name="spacenugstelegram-4158" /><ref name="juanduandetuantwitter-4159" /><ref name="dextools-4160" />

	== About NUGS.Space ==		== About NUGS.Space ==
Line 65:		Line 64:
	!Description		!Description
	\|-		\|-
	\|August 11th, 2020 ~~12:00:00 AM~~		\|August 11th, 2020
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 73:		Line 72:
	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Which policies could have prevented this event from happening?~~

	== References ==		== References ==
	<references><ref name="certik-1776">[https://www.certik.org/blog/blockchain-hacks-2020-15-billion-lost-how-can-we-mitigate-hacks-in-2021 Blockchain Hacks: 2020 \| $15 billion lost, how can we mitigate hacks in 2021? \| CertiK Foundation Blog] (Jul 22, 2021)</ref>		<references><ref name="certik-1776">[https://www.certik.org/blog/blockchain-hacks-2020-15-billion-lost-how-can-we-mitigate-hacks-in-2021 Blockchain Hacks: 2020 \| $15 billion lost, how can we mitigate hacks in 2021? \| CertiK Foundation Blog] (Jul 23, 2021)</ref>

	<ref name="theblockcrypto-4155">[https://www.theblockcrypto.com/linked/74527/token-nugs-nexe-exit-scam-listing-uniswap Two small token projects — NUGS and NEXE — appear to have exit scammed shortly after listing on Uniswap] (Oct 10, 2021)</ref>		<ref name="theblockcrypto-4155">[https://www.theblockcrypto.com/linked/74527/token-nugs-nexe-exit-scam-listing-uniswap Two small token projects — NUGS and NEXE — appear to have exit scammed shortly after listing on Uniswap] (Oct 11, 2021)</ref>

	<ref name="nugsarchive-4156">[https://web.archive.org/web/20201101132106/https://www.nugs.space/ home \| nugs token] (Oct 12, 2021)</ref>		<ref name="nugsarchive-4156">[https://web.archive.org/web/20201101132106/https://www.nugs.space/ home \| nugs token] (Oct 13, 2021)</ref>

	<ref name="cryptoglobe-4157">[https://www.cryptoglobe.com/latest/2020/08/two-token-projects-seemingly-exit-scam-shortly-after-listing-on-uniswap/ Two Token Projects Seemingly Exit Scam Shortly After Listing on Uniswap \| Cryptoglobe] (Dec 4, 2021)</ref>		<ref name="cryptoglobe-4157">[https://www.cryptoglobe.com/latest/2020/08/two-token-projects-seemingly-exit-scam-shortly-after-listing-on-uniswap/ Two Token Projects Seemingly Exit Scam Shortly After Listing on Uniswap \| Cryptoglobe] (Dec 5, 2021)</ref>

	<ref name="spacenugstelegram-4158">[https://t.me/spacenugs Telegram: Contact @spacenugs] (Dec 4, 2021)</ref>		<ref name="spacenugstelegram-4158">[https://t.me/spacenugs Telegram: Contact @spacenugs] (Dec 5, 2021)</ref>

	<ref name="juanduandetuantwitter-4159">[https://twitter.com/JuanDuanDeTuan/status/1292978369336938496 @JuanDuanDeTuan Twitter] (Dec 4, 2021)</ref>		<ref name="juanduandetuantwitter-4159">[https://twitter.com/JuanDuanDeTuan/status/1292978369336938496 @JuanDuanDeTuan Twitter] (Dec 5, 2021)</ref>

	<ref name="dextools-4160">[https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c] (Dec 4, 2021)</ref></references>		<ref name="dextools-4160">[https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c] (Dec 5, 2021)</ref></references>

Azoundria at 16:52, 22 February 2023

2023-02-22T16:52:02Z

← Older revision		Revision as of 10:52, 22 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/nugssecurityissues.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/nugssecurityissues.php}}
			{{Unattributed Sources}}

	[[File:Nugs.jpg\|thumb\|NUGS.Space]]The NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared.		[[File:Nugs.jpg\|thumb\|NUGS.Space]]The NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="certik-1776" /><ref name="theblockcrypto-4155" /><ref name="nugsarchive-4156" /><ref name="cryptoglobe-4157" /><ref name="spacenugstelegram-4158" /><ref name="juanduandetuantwitter-4159" /><ref name="dextools-4160" />

	== About NUGS.Space ==		== About NUGS.Space ==
Line 43:		Line 45:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 65:		Line 66:
	\|-		\|-
	\|August 11th, 2020 12:00:00 AM		\|August 11th, 2020 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
Line 89:		Line 86:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 97:		Line 94:

	== Prevention Policies ==		== Prevention Policies ==
			Which policies could have prevented this event from happening?

	== References ==		== References ==
	[https://www.certik.org/blog/blockchain-hacks-2020-15-billion-lost-how-can-we-mitigate-hacks-in-2021 Blockchain Hacks: 2020 \| $15 billion lost, how can we mitigate hacks in 2021? \| CertiK Foundation Blog] (Jul 22)		<references><ref name="certik-1776">[https://www.certik.org/blog/blockchain-hacks-2020-15-billion-lost-how-can-we-mitigate-hacks-in-2021 Blockchain Hacks: 2020 \| $15 billion lost, how can we mitigate hacks in 2021? \| CertiK Foundation Blog] (Jul 22, 2021)</ref>

	[https://www.theblockcrypto.com/linked/74527/token-nugs-nexe-exit-scam-listing-uniswap Two small token projects — NUGS and NEXE — appear to have exit scammed shortly after listing on Uniswap] (Oct 10)		<ref name="theblockcrypto-4155">[https://www.theblockcrypto.com/linked/74527/token-nugs-nexe-exit-scam-listing-uniswap Two small token projects — NUGS and NEXE — appear to have exit scammed shortly after listing on Uniswap] (Oct 10, 2021)</ref>

	[https://web.archive.org/web/20201101132106/https://www.nugs.space/ home \| nugs token] (Oct 12)		<ref name="nugsarchive-4156">[https://web.archive.org/web/20201101132106/https://www.nugs.space/ home \| nugs token] (Oct 12, 2021)</ref>

	[https://www.cryptoglobe.com/latest/2020/08/two-token-projects-seemingly-exit-scam-shortly-after-listing-on-uniswap/ Two Token Projects Seemingly Exit Scam Shortly After Listing on Uniswap \| Cryptoglobe] (Dec 4)		<ref name="cryptoglobe-4157">[https://www.cryptoglobe.com/latest/2020/08/two-token-projects-seemingly-exit-scam-shortly-after-listing-on-uniswap/ Two Token Projects Seemingly Exit Scam Shortly After Listing on Uniswap \| Cryptoglobe] (Dec 4, 2021)</ref>

	[https://t.me/spacenugs Telegram: Contact @spacenugs] (Dec 4)		<ref name="spacenugstelegram-4158">[https://t.me/spacenugs Telegram: Contact @spacenugs] (Dec 4, 2021)</ref>

	[https://twitter.com/JuanDuanDeTuan/status/1292978369336938496 @JuanDuanDeTuan Twitter] (Dec 4)		<ref name="juanduandetuantwitter-4159">[https://twitter.com/JuanDuanDeTuan/status/1292978369336938496 @JuanDuanDeTuan Twitter] (Dec 4, 2021)</ref>

	[https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c] (Dec 4)		<ref name="dextools-4160">[https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c] (Dec 4, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/nugssecurityissues.php}} NUGS.SpaceThe NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared. This is a global/international case not involving a specific country. == About NUGS.Space == "[C]rypto is stressful. [W]e designed the NUGS token to be a fun esca..."

2023-01-25T17:39:47Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/nugssecurityissues.php}} thumb|NUGS.SpaceThe NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared. This is a global/international case not involving a specific country. == About NUGS.Space == "[C]rypto is stressful. [W]e designed the NUGS token to be a fun esca..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/nugssecurityissues.php}}

[[File:Nugs.jpg|thumb|NUGS.Space]]The NUGS token is a deflationary token with the minting secured through a smart contract hot wallet. The website is presently offline and the token appears to have disappeared.

This is a global/international case not involving a specific country.

== About NUGS.Space ==
"[C]rypto is stressful. [W]e designed the NUGS token to be a fun escape. [I]t's rug-proof, with all liquidity locked in a smart contract, so you can chill and BLAZE some NUGS worry-free." "[T]here are 420,000,000 NUGS and the supply is constantly shrinking. every transaction results in tokens being destroyed forever. this the economic principle of scarcity, bro." "[D]aily lottery at 04:20 china standard time. one of the the top 420 holders will be randomly selected to receive a fat sack of NUGS for doing absolutely nothing."

"DISCLAIMER: NUGS token is purely entertainment, not an investment. Before purchasing NUGS, you must ensure that the nature, complexity and risks inherent in the trading of cryptocurrency are suitable for your objectives in light of your circumstances and financial position. You should only purchase NUGS to have fun on the blockchain and, perhaps, win the daily lottery. Many factors outside of the control of NUGS Token will effect the market price, including, but not limited to, national and international economic, financial, regulatory, political, terrorist, military, and other events, adverse or positive news events and publicity, and generally extreme, uncertain, and volatile market conditions. Extreme changes in price may occur at any time, resulting in a potential loss of value, complete or partial loss of purchasing power, and difficulty or a complete inability to sell or exchange your digital currency."

"On August 11, 2020, the CertiK security research team discovered that the Ethereum-based token project NUGS had security issues. There were security vulnerabilities in its smart contracts, causing huge inflation in its token system. Since the security vulnerability of the smart contract could not be repaired, the NUGS project officially announced the decision to abandon the project, and the tokens deposited in it cannot be withdrawn. The loss of this attack was huge, which directly caused the project to fail."

"NUGS got listed on Uniswap yesterday and apparently saw its price jump 20% before falling out completely."

Nugs, a Chinese project, blamed the move to "a smart contract bug." In its official Telegram channel, Nugs today said, its smart contract is now "beyond repair."

Nugs token was designed to be "a fun escape," according to its website. The token supply was set at 420 million, and the daily lottery was supposed to be held at "04:20 china standard time," per the website.

The website goes on to mention that NUGS "should not be considered an investment." However, several users appear to have invested in the project, according to Twitter posts. One user, for instance, said that they "threw a few hundred bucks at it... hoping to buy a new car in 2 days time," referring to reaping quick gains.

"Every NUGs transaction would incur a 2%, with 1% of the tokens being permanently burned and 1% being used to create a daily lottery held “at 04:20 china standard time.” The project’s website mentions NUGS should “not be considered an investment,” but on social media users revealed they invested in the cryptocurrency."

"China-based Nugs.space, blamed going down on a “smart contract bug,” claiming on social media that it’s “beyond repair.”

"On social media, the team behind Nugs claimed that their tokens would “permanently remain untouched” in an Ethereum address, which currently contains over 100 million NUGS tokens in it. Nugs, per its website, was supposed to be a “fun escape” within the cryptocurrency space, with a total supply of 420 million."

"Ethereum blockchain data shows millions of NUGS tokens are pouring into the decentralized exchange Uniswap, presumably as users try to sell their holdings. On Uniswap the token started trading up after being listed, but soon plummeted."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - NUGS Security Issues
!Date
!Event
!Description
|-
|August 11th, 2020 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==

== References ==
[https://www.certik.org/blog/blockchain-hacks-2020-15-billion-lost-how-can-we-mitigate-hacks-in-2021 Blockchain Hacks: 2020 | $15 billion lost, how can we mitigate hacks in 2021? | CertiK Foundation Blog] (Jul 22)

[https://www.theblockcrypto.com/linked/74527/token-nugs-nexe-exit-scam-listing-uniswap Two small token projects — NUGS and NEXE — appear to have exit scammed shortly after listing on Uniswap] (Oct 10)

[https://web.archive.org/web/20201101132106/https://www.nugs.space/ home | nugs token] (Oct 12)

[https://www.cryptoglobe.com/latest/2020/08/two-token-projects-seemingly-exit-scam-shortly-after-listing-on-uniswap/ Two Token Projects Seemingly Exit Scam Shortly After Listing on Uniswap | Cryptoglobe] (Dec 4)

[https://t.me/spacenugs Telegram: Contact @spacenugs] (Dec 4)

[https://twitter.com/JuanDuanDeTuan/status/1292978369336938496 @JuanDuanDeTuan Twitter] (Dec 4)

[https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c https://www.dextools.io/app/ether/pair-explorer/0x7d43dbd5ab258f90849c49ae16ba6445c125012c] (Dec 4)