Jack Butcher’s Infinity Checks Contract Drained, Will Issue Full Refunds

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Credit: Visualize Value

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Jack Butcher’s Infinity Checks Contract Drained, Will Issue Full Refunds

BY Erika Lee

August 09, 2023

Update:

Jack Butcher’s “Infinity Checks” contract has been exploited due to a bug, leading to a complete drainage of funds. The website has been taken down for investigation. Both Jalil and Butcher are taking full responsibility and pledge to refund all deposits. The exploited function was “regenerateMany,” intended to optimize visual rerolls.

More updates to follow.

dear all ‼️

a bug was found in the Infinity contract i built and it was abused to drain all the funds.

i’m taking full responsibility for it.

i took down the website just now. investigating exactly what happened.

i will find a way to refund every single deposit.

gutted…

— jalil.eth (@jalil_eth)

August 10, 2023

In the rapidly evolving landscape of digital art, one name continues to reverberate with unprecedented success — Jack Butcher. Alongside his adept team, Visualize Value has already etched its mark in history by creating two successful and innovative collections: Checks and Opepen. And now, it’s back with its newest project, Infinity Checks.

With Infinity Checks, Butcher and his partner-in-crime, Jalil, are embarking on a mission to recalibrate the delicate balance between artistic appreciation and monetary gains.

In 2023, if many people are interested in an NFT project, its price increases, and the barrier of entry becomes high. This profit-focused strategy promotes rapid flipping for profit, leaving little room for simply enjoying the art itself.

Such behavior has given rise to tumultuous fluctuations in the value of digital art collections, casting shadows of uncertainty over the realm. This behavior has caused digital art values to be unstable, creating uncertainty in the market. Butcher and Jalil want to fix this.

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the Infinity collection is live!

– infinite tokens; infinite supply of each piece– immutable & generated fully onchain– price is forever fixed to 0.008 Ξ per item– destroy the art to redeem the Eth at any time pic.twitter.com/fqh48hVjnj

— jalil.eth (@jalil_eth)

August 8, 2023

An infinite number of Checks at a fixed price

Visualize Value wants to use Infinity Checks to solve this problem. True to its name, this collection boasts an infinite supply, each encapsulating a distinct essence of artistry. But what stands out the most is its unwavering price of 0.008 eth, which brings stability even when the financial situation is uncertain.

But how does Infinity Checks maintain its price equilibrium? The catch: this fee is not cast in stone. Collectors retain the prerogative to reclaim their investment at any juncture, a feature that resonates as a testament to Butcher and Jalil’s commitment to artistic integrity. The ETH deposited to mint an Infinity Check is securely held within the collection’s smart contract, ready to be withdrawn should a collector opt for a refund. The art will then be destroyed.

Forging ahead with their mission, Jack and Jalil envision a scenario where monetary rewards might be absent, yet the ecosystem gains immeasurable value. This avant-garde approach holds the potential to beckon scores of new collectors into the Visualise Value fold, crafting a community of enthusiasts that place artistry above pecuniary pursuits.

“Communities at their best are based on shared experiences, and all too often in Web3, such shared experiences cost thousands of dollars to participate in,” Matt O’Brien, an avid Checks collector and supporter, shared with nft now. “With Checks, Opepen, and now Infinity Checks, the VV team continues to demonstrate that teams building in Web3 need not charge prohibitively high price points to participate in their projects.”

Editor’s note: This article was updated on August 10th, 2023, to include news about the contract draining.

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