If you find yourself taking over a project that has been rugged (scammed or exploited), fear not! In this guide, we will walk you through the necessary steps to derug and potentially relist the project successfully. To achieve this, we have structured the guide with essential questions that will lead you to take the appropriate actions.
Confirm if it's genuinely rugged
Before proceeding with any actions, it is crucial to assess whether the project is genuinely rugged. Our team will carefully review the original project to determine if it qualifies as a rug. If it appears to be a flagged collection or has indications of fraudulent activity, we will assist you in getting the derugged project back up and/or listed without the flag.
Check your update authority
To make changes to the royalty wallet, art, or metadata of the collection, you need to have the update authority. It is essential to note that Magic Eden cannot make these changes for you. You must obtain the update authority from the original creators of the collection. However, contacting these creators can be challenging as they often disappear swiftly following their scam. If you have the necessary update authority and plan to make changes, coordinate with us for listing/flag removal after the updates are complete.
Derugging via Airdrop
Many project deruggers opt for the airdrop method, where a new collection is airdropped to all holders of the existing collection. This approach allows you to maintain control over the new collection while keeping the community intact. If you choose this option, it is essential to coordinate with us to remove the flagged collection NFTs from the marketplace before the airdrop. This ensures that all community members receive your new tokens, as they may be unaware of the derugging effort.
Seeking Additional Support
If you do not possess the update authority and need further assistance, consider consulting a project dedicated to derugging. One notable project is Solana Sanctuary. We will continue to update this list as we learn about other similar initiatives that can provide support.
Taking over a rugged project can be a daunting task, but with determination and the right approach, you can derug and potentially relist it successfully. By following the steps outlined in this guide, you'll have a better chance of turning the project around and regaining the trust of the community. Good luck on your derugging journey!