"Martin Shkreli claims porn virus cost him $450K in crypto tokens A suspicious dump of Shkreli's newly created crypto token may have been the result of malware disguised as porn."
"Do you know a simple signature in Metamask can drain your wallet? A very experienced user (top 10 by Degen Score) lost almost 500k USDC in an exploit today. You could be next... A short thread how it happened and how you can avoid such exploits in future."
"Korean police seize crypto for unpaid traffic fines in trial. Local police in a suburb of Seoul have the authority to seize crypto in order to clear the balance of delinquent fines from traffic violations."
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"Nearly $55M worth of Bored Ape, CryptoPunks NFTs
risk liquidation amid debt crisis. Many owners of precious Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, who used them as collateral to take out loans in Ether (ETH), have failed to repay their debts. The situation could lead up to the NFT sector's first massive liquidation event."
Whitelist allows collection creators to decide which wallet addresses can participate in the mint.
For example, when you run a great exclusive community (like BFC) you want to be sure that only the right people will get your token. Almost every NFT drop is exclusive to a specific set of public addresses.
Otherwise, strangers or trading bots would be able to get your precious NFTs and run away with them to the secondary market.
That's why whitelisting is super important. Most collection creators do not want such situations to happen.
Collecting public wallet addresses usually happens off-chain (without touching any blockchain stuff). All you have to do is to contact your people, collect their wallet addresses and prepare the list.
You may use Google Forms or any other tooling for it. That's a pretty straightforward procedure, so I won’t cover it in this article.
Way more problematic part is the smart contract code. The contract needs to validate if the caller is approved to participate in the mint. Secondly, the contract cannot allow callers to mint more tokens than expected.
Having all the above in mind let's dive into three common techniques of whitelisting and examine their pros and cons.