It was always obvious that some projects will always turn out to be a scammer. Let me tell you this much, for around 1-2 thousand dollars you could get everything you need for an NFT project in design, and paying another 1-2k for some developer to do it as well if you want to. This will result with you getting it done for something around 3-4k range at the very best and you are done.
Spend another 5-6k dollars for all the advertisements on twitter and telegram groups? You will be reaching to 10k+ people at the very least, maybe even more, give out like 10-20 of them for free to get another 3-5k more people. So you have just spent 10k dollars at the very most, and managed to build a whole NFT project that reached to 50k+ people and followed by 10-20k people. How could there not be any scam projects? It is too easy to convince people these days.
Topic: The first NFT rug pull of 2022 (Read 144 times)
The increase in scam projects are becoming something else. The NFTs are actually some good projects that has gained the attention and attraction of most investors. The implementation of new ideas are later turned to be used against it's investors when bad crew comes in with their own campaigns making mechandise of it's investors. The purpose of new projects are to develop the creativity and modifications in the system. If there continue to be scam projects, the strength of meeting market capitalization will become low and that will make most projects half way, as no one knows if the project will survive or not. That is why a safe investment now is on mainly Bitcoin and Etherium, then any other project that is among the first 10 - 15 projects in CMC.
Funny, but I don't understand why people are trying to scam investors in a classical way here, on NFT market. There is no need in taking the money and hiding afterwards - who will judge you if your NFTs will just drop down in price and never be bought again? 
They think investors don't have an understanding of it, strangely people don't understand how crypto actually works, if the NFT built has the lowest value, then who will buy it, this kind of thinking and understanding, should not be used anymore, not mean to judge people, but I think this is not a good way to develop creativity. 
Funny, but I don't understand why people are trying to scam investors in a classical way here, on NFT market. There is no need in taking the money and hiding afterwards - who will judge you if your NFTs will just drop down in price and never be bought again?
They are quite tame with the money that they took. Some have been running away with tens of millions on their pocket. I don't expect that this event will be the last rug pull from the NFT side of things. Given how little to almost no legal attention has been given to it just yet, scammers and cheats would still be running away with other people's money very easily like this. As for people buying into such collections, practicing vigilance should always be in them, otherwise they'll just lose money to these scammers.
The amount may not that big, but for them, that's more than enough to run away and disappear. If they are anonymous, they can pull that scheme again. This is why, this scenario is not the last time that we will hear a rug pull. Maybe, right now, there are some projects that are already heading to that direction. People should be very cautious touching the NFT industry. Most of them are indeed after for the money that they will collect.
They are quite tame with the money that they took. Some have been running away with tens of millions on their pocket. I don't expect that this event will be the last rug pull from the NFT side of things. Given how little to almost no legal attention has been given to it just yet, scammers and cheats would still be running away with other people's money very easily like this. As for people buying into such collections, practicing vigilance should always be in them, otherwise they'll just lose money to these scammers.
So, they have stolen NFT or took the money?
It seems like that they bought NFT and sent their funds to the creators before the creators were minting the NFT. I know that it's not clear on what method that used by this scammer to run away with more than 1 million USD. Rug pull isn't new in the cryptocurrency market but new to the NFT, I hope this will put an end to this craze among people.
Those investors are getting hyped due to the various NFT that priced so high. People should be careful with it but the question is how is it possible when it comes to the NFT trade? I just wanna know whether the team was anonymous or not. If this time was anonymous so the investors are so stupid.
An NFT collection called Frosties has vanished and steal amounting $1.3 million in the digital collectibles (click the article below)1. I think this wouldn't be the last and if by chance a bear market may happen this will just show who might survive and what are those legit projects that may thrive. What do you guys think, can we see more similar scenario like this?
[1] https://aliens.com/read/nft-creators-stole-1-3m-from-investors-then-vanished-sources-say?category=NFTs
It is possible that it will happen again, believe or not many people today only depend on speculation and hype, actually many NFT projects that we can follow, have even proven successful, but because of other conditions so that some projects must be lost, I think it must be jelly And carefully to start in the project now, especially market conditions are in the correction phase for everything, for scenarios I guess it will not be much different from before. [1] https://aliens.com/read/nft-creators-stole-1-3m-from-investors-then-vanished-sources-say?category=NFTs
Those are scammers who don’t really want to do real business in this market, its very unfortunate but expect more project to be like this, especially with the NFTs. Invest only what you can afford to lose, and do necessary things to avoid project like this. Rug pull will become more worst this year, expect for more bad news.
Rug pulls didn't start in 2022 and definitely won't end this year. It is a regular theme in crypto, and I'm afraid, its going to increase in volume and regularity, unless something drastic happens in crypto. Maybe a regulatory body steps in. And though it defeats the aim of crypto, it has saved it
With the boom of many NFT games these days like AXS, I am not surprised that many rug pulls are happening right now.
Just by learning how to write or code 2d games these days, it is quite alarming how many would fall for such things though.
Just by learning how to write or code 2d games these days, it is quite alarming how many would fall for such things though.
Rug pull always happened to some projects that don't have any specific information but at the same time making hypes in the market wherein that's the most dangerous part. 
indeed if we will base to some projects that already made history like axie, we cannot see any such situations wherein it's just because of downtrend only. So better to choose which is trusted to assure everything will gonna be alright..
indeed if we will base to some projects that already made history like axie, we cannot see any such situations wherein it's just because of downtrend only. So better to choose which is trusted to assure everything will gonna be alright.. So, they have stolen NFT or took the money?
Rug pull isn't new in the cryptocurrency market but new to the NFT, I hope this will put an end to this craze among people.
It's in the article, I'll quote it for you "project’s developers abandon it after siphoning investor funds and removing liquidity". The developers took the money from the liquidity then vanished. Rug pull isn't new in the cryptocurrency market but new to the NFT, I hope this will put an end to this craze among people.
It is very terrible ending but they don't want to invest into safe Bitcoin but want to gamble with altcoins and worse with unsustainable NFTs.
Well, when greediness kicks in, they'll gonna be risking it in hopes of getting a thousand times of profit just like what we have witnessed from those past collectibles and digital arts that cost thousands or millions of dollars in crypto.
The same thing goes to the p2e NFT games. People are now chasing the easiest way to either be stolen or get huge amount of profit in a short period of time.
So, they have stolen NFT or took the money?
Rug pull isn't new in the cryptocurrency market but new to the NFT, I hope this will put an end to this craze among people.
It's in the article, I'll quote it for you "project’s developers abandon it after siphoning investor funds and removing liquidity". The developers took the money from the liquidity then vanished. Rug pull isn't new in the cryptocurrency market but new to the NFT, I hope this will put an end to this craze among people.
I guess that's pretty much the same thing. When you took and run away with other people's money, that's most probably considered as stealing.
NFT craze isn't going to end soon since most money are made from NFT, the profit is more Insane than investing money on coins, this won't be the last NFT project that will rugpull it's just the freaking beginning, no matter what brings money in crypto space scam will always takes place
Yea, but who is making this money? I guess it's 90% the people that run those platforms and ask ridiculous prices that for some reason still some people find worth to pay their money for. NFTs are still young, but they are in desperate need of some sort of regulation. Right now you don't even know what you are paying for when you buy an NFT It is very terrible ending but they don't want to invest into safe Bitcoin but want to gamble with altcoins and worse with unsustainable NFTs.
That's what their risky appetites does and we can't really blame them as it's their money in the first place. They wanted to flip with the NFT market but here comes the first flippening from NFT market. I hope this wouldn't create some serious FUD over the whole crypto market but I doubt it for now.So, they have stolen NFT or took the money?
Rug pull isn't new in the cryptocurrency market but new to the NFT, I hope this will put an end to this craze among people.
It's in the article, I'll quote it for you "project’s developers abandon it after siphoning investor funds and removing liquidity". The developers took the money from the liquidity then vanished. Rug pull isn't new in the cryptocurrency market but new to the NFT, I hope this will put an end to this craze among people.
So far NFT is found with a quality concept, yes maybe this kind of occurrence is an accidental mistake unlike projects that build and collect project funds and just run away. NFT games such as axie infinity remain successful and have no NFT problem drama to date.
An NFT collection called Frosties has vanished and steal amounting $1.3 million in the digital collectibles (click the article below)1. I think this wouldn't be the last and if by chance a bear market may happen this will just show who might survive and what are those legit projects that may thrive. What do you guys think, can we see more similar scenario like this?
[1] https://aliens.com/read/nft-creators-stole-1-3m-from-investors-then-vanished-sources-say?category=NFTs
[1] https://aliens.com/read/nft-creators-stole-1-3m-from-investors-then-vanished-sources-say?category=NFTs
Yeah, this could be just the first of the series of rug pull from the hype of NFT's.
We've seen the pattern before, from 2017's ICO wherein majority of us here was exposed to this kind of scams to the latest project of 2021. So for sure this will be a big lessons for NFT investors especially for newbie out there that there are a lot of scammers just plying around the crypto space and waiting for the perfect timing to pull a stunt like this one.
This scenario has been happening since the NFT trend started. It's just too unfortunate for huge investors to get scammed. Scammers are everywhere and some of them are now using NFTs to scam investors. Let's expect more of these this year because people could get hooked to NFTs easily because of the easy profit that it offers. That's why it's smarter to do research first before investing.
Yes. We will see more of this with all the gaming developers coming in the crypto space creating NFT projects.
I won't be shocked anymore because I have seen team behind NFT that want their anonymity be intact. Their only explanation is because they want to keep themselves safe from any attack nearby. Physical attack or blackmails, literally and not the kind of hacks or phishing attempts.
But that's the problem, you have a good project but you cannot cultivate trust because of that bad reasoning about being anonymous. Investors are also risking their money and they want to at least lessen that by knowing who the developers are.
I won't be shocked anymore because I have seen team behind NFT that want their anonymity be intact. Their only explanation is because they want to keep themselves safe from any attack nearby. Physical attack or blackmails, literally and not the kind of hacks or phishing attempts.
But that's the problem, you have a good project but you cannot cultivate trust because of that bad reasoning about being anonymous. Investors are also risking their money and they want to at least lessen that by knowing who the developers are.
Jump to: