Tribe X Announces Updates on $2 Billion Hack and How It Made the NFT Project More Valuable

Tribe X is a minority-led NFT project with a vision to empower underrepresented communities in the world of crypto.

MIAMI, April 08, 2022 (GLOBE NEWSWIRE) -- The Tribe X founders were live on their Discord - it was the day they had all been waiting for. NFT mint day. The first family presale had sold out, the second presale was about to start. Just when the second presale started, one of the community mods asked the question that would change everything: "Why is there an emergency withdrawal on the wallet?" 

The unthinkable had happened.

The call was ended while the founders figured out their next steps. Contacting the authorities. Letting the community know what was going on.

Web3: Wild Wild West for Hackers

Tribe X is far from the only project to suffer from a catastrophic hack in recent times.

Just the day before, Google Chrome issued an urgent update to patch an actively exploited, high severity vulnerability in the browser. Just 10 days later, Google confirmed another dangerous Chrome hack. 

In what may be the largest exploit in DeFi history, Ronin Network confirmed a hack on March 29, 2022, with an estimated loss of $625M, targeting Axie Infinity.

Inverse Finance reported a hack on April 2, with an estimated $15.6M loss. It was the third multimillion-dollar DeFi hack in a week.

The Tribe X Hack: What We Know So Far

It was a hack of the wallet - transferring ownership by theft, draining 183 ETH, and transferring ownership of the now-empty wallet back to Tribe X.

Tribe X cannot reveal every detail that they currently know about the hack right now due to the nature of the ongoing criminal investigation. Since the beginning of the project, up to and including the hack on mint day, the founders have prioritized transparency within the community.

Rug Pull Finder traced the source of the Tribe X hack.

This evidence shows that the Tribe X hack is connected to an as-of-yet unidentified criminal enterprise (one wallet worth at least $2B USD) and multiple exploits.

The hacker(s) have yet to be found and brought to justice.

The Tribe X Community Reacts to the Hack

In normal crypto communities, a hack is a nightmare scenario. 

People panic. They sell. They think as individuals and do their best to mitigate their own losses.

What happened when Tribe X suffered a hack was something different - something that the crypto and NFT community at large should take note of.

Instead of selling, those who'd gotten their NFTs in the first presale held strong. It was quickly shown that the NFTs themselves were safe even though the wallet was exploited.

The Tribe X founders held a 17-hour-straight community Discord session. No matter their time zone, language, or level of technical expertise, everyone in the community got a chance to use their voice, express their concerns and their solidarity. 

People got their pressing questions answered and walked away knowing one thing for certain: the Tribe X community wouldn't falter.

A prominent member of the Wall St. Fam project was present for part of the Tribe X community healing, witnessing the anger, compassion, and hope of the people who had done so much, built something incredible, and gotten robbed blind.

The Audits: Tribe X Status

Two separate and independent audits have shown some good news for Tribe X.

Their smart contract is unimpeached. There was no internal culpability for the hack. And the NFTs that were minted are safe.

In fact, not only are the original Tribe X NFTs still there, they have actually increased in value. They got a bump in value due to rarity, and due to the fact that Tribe X has added an additional trait - the original Tribe X NFTs are now called the "chosen ones."

Truth and Consequences

Although the audits are proving the honesty and integrity of Tribe X.

The floor value of the Tribe X NFTs has actually gone up since the mint and exploit. They began at .12 ETH, and the floor price rose higher.

Why would the value go up?

Tribe X members are holding the NFTs they bought. They're volunteering to help. The community is tighter and stronger than ever.

Tribe X's founders are continuing to embody their truth: the project is not about the money for them - it's about creating a community to help bridge the tech gap. The founders are committed to keep creating everything they dream of for the Tribe X community, despite the roadblocks.

The hack has tested Tribe X in a big way, and the Tribe has proven that they can stay strong through the hard times, which only speaks to how well they will thrive in the good times.

The Tribe Endures

The founders, Dimitri Linton, Anthony Araujo, Remone Delisser, Julian Linton, community holders and insiders still attended Miami NFT Week as planned before the hack, to show that Tribe X will become a big part of the NFT community. 

Co-founder Dimitri Linton, aka "The Architect", even spoke at a Miami NFT week panel. 

Just days after a hack that could have caused devastation and despair, Linton was able to speak on the power of community and how crucial it is for NFT projects to build organically.

"Hype kills culture, kills community," he said when he shared what he learned about building a strong community, and emphasized the importance of building organically through a transparent, unified cause.

The hack, which could have shaken or even ended the Tribe X project, has only proven that no amount of money is stronger than community. The founders are committed, the community at large is committed, and the value of being a member of the Tribe will only continue to grow.

Despite the hack, Tribe X has proven their motto to be truer than ever:

"Together We Thrive."

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