Is Passive Income With Ring Financial Nodes a Scam or Legit *They Got HACKED*
In this YouTube video, crypto content creator Josiah Stewart recounts his recent experience with Ring Financial Nodes, a passive‑income crypto project he invested in on a Saturday. He describes how, after posting a video about the project, he was bombarded with messages on Sunday about a massive price drop. Stewart explains that the project’s team announced a smart‑contract exploit that allowed hackers to claim and sell a large amount of RING tokens, causing the token price to plunge from around $350 to the $150‑$170 range before partially recovering. He highlights several red flags: no audit, no white paper, and anonymous developers. Stewart walks through the timeline of Discord/Twitter announcements, the temporary disabling of reward claims, and subsequent attempts to fix the issue. He shares his own earnings (approximately 2 RING tokens earned in a day, equating to about 6‑7% return) and argues that, despite the hack, the project does not appear to be a classic rug pull because the team is actively trying to address the problem. He offers a nuanced risk assessment, stating that the project could survive a month and possibly become sustainable, but advises viewers to conduct their own research and only invest money they can afford to lose. Throughout, he promotes his Patreon for real‑time buy/sell alerts and encourages viewers to like, subscribe, and comment on whether they think the incident was a hack or a rug pull.
Chapters
What is goodie, my people? We are back again with another gem. Listen, so 2 days ago— my cat is already screaming. This is crazy. As soon as I say, what's goodie, my people, he just starts screaming. This is absolutely miraculous, you know what I'm saying? But 2 days ago, I made a video about the new king of passive income, the project that I invested in literally on Saturday. Now, I was super excited about it because they're offering some crazy rewards. And I just, I just personally liked the idea of the project, so I decided to invest into it and then show you guys that I invested into it. Let's just say Sunday something happened, um, something as in something pretty bad. I'm going to get into all— I'm going to get into exactly what happened, what caused it, um, if I'm still bullish on the project itself, if I'll be investing more into it, what I think in the future is going to happen with this project. And, um, yeah, so smash the like button if you're excited for this video. Make sure you subscribe with post notifications on because I'm dropping gems very frequently. You're gonna want to be notified whenever I come on. Without further ado, let's just hop right into this. All right, so boom, Ring financial notes. So I literally just made a video about it, literally on Saturday I put the video up, and Sunday afternoon-ish My phone is being blown up. You guys did not know I don't work on Sundays. I don't like to check the markets. I don't respond to any emails. No, nothing. I don't work. That's my day of peace. I feel like everybody needs a day of peace, a day of zen, a day where they can just live in life and not worry about social media and all the other stuff. So I don't check social media. I don't check none of that. But on Sunday, I was just being blown up because first of all, the video did absolutely amazing. Everybody was watching. It was all like, oh, it's a great product. Great project this, great project that. Oh, Ponzi scam, whatever. But I'm gonna get into all that a little bit later. But a bunch of people were hitting me up talking about the price dropped, it's a rug pull, you're losing all your money, hurry, get out. People in my, um, Patreon like, Josiah, you have to check your stuff, you're losing all your money. Because they know I don't use, um, any social media or nothing like that on Sunday. So everybody was blowing me up. I'm like, bro, what is going on? I'm at church, you know what I'm saying, praising the Lord, and my phone is buzzing, buzzing, buzzing. I'm like, bro, what's happening? So apparently the whole project got hacked. Now there are a couple different, um, kind of conspiracies about what really happened, because you know, in this whole crypto space there are such things as rug pulls, where basically these developers of these projects will— it was all a scam all along. People, they'll make people put money into their coin or their projects, whatever it is, and then simply just run off with all their money and not say anything. And that's what we call a rug pull. That's happened to me, actually. It's only happened to me one time, and it wasn't even a rug pull. It's just like there was no liquidity in it, I couldn't sell it. But we're not going to talk about that. But, um, a lot of people saying it's a rug pull policy, it's a scheme, it's a scam, all of them type stuff. But what happened, or what they said on their official Twitter, on their Discord, is that they got hacked and the hackers came and kind of exploited their coding, therefore taking out a bunch of Ring tokens and selling them off, which caused the price to drop. Now, in the beginning, Ring thought that a whale had just sold and they didn't think anything of it. I can actually show you guys the tweet or the Discord right here on the Discord. If we scroll up here, let's see, I'm gonna get into all these Discord messages a little bit later on. Okay, right here, yesterday at 9:38 AM, it says, well, looks like a whale has just sold a big bag of Ring tokens. They were excited. Not really, but they were just like, oh well, so they wasn't concerned about it or anything. But at the bottom here it says, our dev team is investigating to make sure there's no bug or breach in the code. This is always a possibility, risk in the blockchain. We'll keep you posted. Thanks a lot for your support. So after that, literally like an hour later, yeah, at 10:53, they put out important message and said, a massive sellout that occurred— the massive sellout that occurred earlier came from a flaw in the smart contract which was exploited by a group of hackers to claim a massive amount of RING tokens before selling them back in a matter of minutes. So their coding was exploited. Now I said, I said this in the first video, this, this project has a lot of red flags. They were not audited. If they were audited, this would have been less likely to happen because the auditors would have showed them different flaws inside all the— inside the coding and all that. I'm not a coder, but that's that. It would have happened, you know what I'm saying? They're not audited, don't even have a white paper, you know what I'm saying? Their, their developers and all that, they're not even public. We don't know who they are technically as of right now. Um, so there's nothing kind of attached to the project, any faces or any names really attached to the project as of right now. So I told you guys all the red flags, and the people in the comments saying, oh, Royal Poodle, why did you tell people to go buy this? I never told anyone to buy this. If you watch the video back, I'm pretty sure I said do not buy this. But this project is super, super risky, and I want you guys to understand that. I will never lie to you guys and be like, oh, this is the safest investment you could take, this is the safest, this, they said no, this is super risky. I'm technically, I'm gonna be trying to convince you not to do this. I said I was gonna buy it so you guys could risk or have the— you guys could test it out without risking your own money. I specifically say in most of my videos that's risky. First of all, every investment is— there's risk to attest to it. There's no risk-free investment. But, um, I specifically said I, I do not buy this, you know what I'm saying? I didn't tell anybody to buy it. I told you guys the risk. I said if you wanted to buy it, obviously do your research first. But, um, yeah. So that's basically what happened. They got hacked and hackers took a bunch of running tokens and sold them off, therefore making the price drop. If we come back over here on the chart, um, if we go to the 7-day chart, literally right here it happened at— I can't even see what time it happened because it's kind of close. It happened— I don't know where. I can't see where it happened because it doesn't let me actually zoom in and see it. Um, I guess it does. Um, right here at I guess it showed it on the graph at 1:20 PM, but it was earlier than that because you see on the Discord they tweeted about it, but they wrote about it at 9 o'clock in the morning. But it had dropped all the way down to $160 per token. Keep in mind, I bought in at $350 per token, and it actually had went up after I bought it. I think it had went up to like $170. Yeah, we had went up to $170 per token. So I was like, I'm doing good, I'm chilling. I was happy, you know, so I'm saying the price going up, I got my 2 nodes, I'm chilling, I'm living life, you know what I'm saying. But then it dropped down literally to $158 each, and then it spiked right back up to $270 around that area, then dropped all the way back down to $174, and it's been climbing up gradually ever since. Right now chilling at $245 per coin. So, um, that happened. The price absolutely tanked. As you see, we're down 31% per token in the past 24 hours, which is Disgustingly bad. I hate to see it, but, um, I'm gonna explain to you guys my kind of thought process on it, if I think, if I think it's a rug pull or anything like that. If we come to their Twitter, actually, they put out a couple messages. They're just screenshots from the Discord, but this one is talking about how it was a whole massive sell-off due to the, um, hackers. And they also said they're trying to fix it. The entire dev team is working to fix this issue as soon as possible. Um, they even stopped claim rewards, like they didn't let anybody claim their rewards or anybody create any new nodes just just to prevent hackers from kind of repeating the cycle and doing it again. But then they ended up bringing back the claim rewards to then disable it again. As of right now, the rewards are actually disabled. As of right now, it's not paying out rewards, but I'm pretty sure in the future, because they've done this before, in the future they kind of made up for it, as in paying double nodes, double node kind of payments for like 24 hours or something like that. So they might do something like that. I'm not saying they will, I'm just saying they did that before. And over here they also have kind of where I just explained to you guys, they said they suspended the function that allows you to claim rewards again. Another flaw has been detected in the smart contract because they did say and tweet it out before that they had fixed the loophole that the hackers had got through. But then as of right here, they said they found another flaw, so they stopped the whole claim rewards again to try and fix that as well. And as of right now, it's still not fixed like as of right now. I can show you guys really quickly if we come into here and press launch app, connect wallet, refresh. It says next reward in distributing. It does not have a countdown timer. It's been stuck at 2 ring for all of this morning, and usually it goes up during the day. But, um, yeah, so my thought process on it, if I'm still gonna be hodling, if, um, I think this is gonna do good in the future, this is how I like to think about it. Rug pulls— I've known many rug pulls. I've had people that, um, have DM'd me about rug pulls and their experience with getting rug pulled. I have never really got like a real legit rug pull where I put my money into something and they just ran off with all the money. Like I said in the beginning, I kind of put my money into something— I just got a notification. Sorry, I, I just got a notification. I actually have put people onto this coin on my Patreon. Literally an hour ago and it's up 16% already. Which is absolutely amazing. So if you want to get notified whenever I buy coins, uh, just sign up for my Patreon right there, you know what I'm saying? If you want to be notified when I buy coins, when I sell coins, when I take profit, what I'm thinking on when the market's being red, and when I think when the market's being green, just hit my Patreon up, you know what I'm saying? Uh, patreon.com/jewelersgems is in the comments and also the first link inside the description. But back to what I was saying, um, I've been— I've known of rug pulls, and rug pulls, they kind of take the money and dip off. They don't go and pretend like they're trying to fix the situation or kind of try and comfort their community as Ring is trying to do right now. There was another node company that kind of went through the same process, literally the same day. I'll get into that probably in a different video, 'cause that's a whole nother project I wanted to go over. But I personally, this doesn't seem very rug pullish to me. Now, some people are thinking maybe they rug pulled some of it and ran off with some of the money, but they still want people to trust the product a little bit so they can rug pull more later on. That's why they're kind of pretending to fix the problem when the problem was really them running off with the money. But I personally think, and maybe I'm just giving them the benefit of the doubt, I think that they actually did get hacked. It was a flaw in the system. Like I said, this is a very new project, so, um, of course there are always going to be bumps in the beginning of each project. A lot of the big projects that we have now— Solana was literally just hacked the other day, um, so a lot of these big projects are not invincible to hackers. So I personally believe that they did get hacked and they're actually trying very hard to fix it. And I guess that's really all I can go with because like I said in the first video I made about Ring Nodes, once you buy the Ring Nodes, you cannot sell the Ring Nodes. You cannot get back your 10 Ring tokens that it takes to create each node. You're kind of stuck with waiting for your profits to accumulate back with the payments that Ring pays you out. Now, me in the past 2 days, so like I said, I bought it on Saturday. Today is now Monday. I've made 2 Ring tokens. If we just literally look right here, I have 2 Ring tokens. So that means in the past day I've made basically $500, which is, I believe that's around like 6 or 7% in 2 days. So honestly, I'm really not mad. Even if the price stays at this price range, it wouldn't be a complete loss for me because in around 30 days I would have made all my money back and then it would just be straight profit after that. Do I think this this project can last for a month. I personally do think it can last for a month. Would I suggest anybody else getting into it as of right now? Uh, that's a whole different story. Like I said, I don't suggest any— I didn't suggest anybody get into it in the first place, and even after this, I don't— I wouldn't suggest anybody to get into it necessarily unless you do your own research and you trust it and you have money to blow. That's really— if you have money to blow and you trust the project enough to want to take that risk and put money into it, it is at lower prices. Somebody in my Patreon actually bought it on the dip around here at $157 each token. So that means they were able to get a full node for around $1,500 instead of what I had paid, which is $3,500. So it honestly is completely up to you. This is not financial advice. I'm definitely not telling you to go buy it because it's cheap right now. I'm definitely not telling you to, to invest all your money into this. I'm simply just giving my opinion. I think if they actually care, because it seems like they actually care about their community. A lot of things that they've done, they've had multiple different giveaways, they've had multiple different— they, they, they're a new project, but I see them trying. That's what I'm trying to say. I see them trying, and it could be, you know, a fake type of trying to them to be able to rug pull more in the future. But maybe it's me giving them the benefit of the doubt. I believe that they are actually trying to build this into a sustainable project that can last a very, very, very long time, be an actual competitor with strong nodes. Even though they're complete— two completely different things. They're technically not even nodes, but that's, that's a whole nother topic for another video. But that's the end of the video. Let me know what you guys think in the comments down below. You think it's a complete rug pull? Do you think they actually got hacked? Let me know. Do you guys have any? Did you buy any on the dip? I know most people did buy some on the dip, um, which I guess for you, GGs, because the price did go up another like 60% since the dip of the dipness. And, um, yeah, that's really about it. Let me know what y'all think in the comments down below. But if you enjoyed it, smash the like button. Make sure you subscribe too with the post notifications on because we're dropping gems very, very frequently. You're going to want to be notified whenever I drop them. If you want to take the step further also and get all my, my buy alerts, all my sell alerts, all my thoughts when it comes to crypto as a whole, get every single crypto I'm holding as of right now, sign up for my Patreon. It's the first link inside the description, you know what I'm saying? If you want to take that step further. If not, you're still getting the gems for free. But, um, yeah, that's really about it. Good luck on all your trades. Good luck on all your crypto. Good luck on all your nodes. I wish somebody told me that the other day. Good luck in life as a whole, and I'll see you on the next video.
