The good folk over at Bankless Times have regaled the NFT world with more of its insightful findings. This time around, compiling a list of the five biggest rug pulls in recent times. This is by no means an exhaustive list, however, it represents the largest confirmed rugs in the industry.
Top 5 Rugs
Coming in at number five is the Solana-based Iconics collection, where swindlers sold 2,000 items via pre-sale. All before, running off with the accumulated $140,000 worth of $SOL tokens. Instead of artwork, trusting collectors received a selection of worthless emoji.
Next up is a potential ruse wrapped in a fraud, as a hapless collector purchased what seemed like a legit Banksy via the official website. Soon after however, the web page disappeared, along with $336k worth of ETH. Then, in an unlikely turn of events that has left the more skeptical types suspicious, the funds were later returned.
At number three, is the infamous Frosties NFT project, that promised the world and delivered disappointment tinged with fury. Following a complete sale of 8,888 items, all social media mysteriously deactivated and the team vanished. All in all, leaving its victims $1.3 million out of pocket.
Second from top, is the biggest ever Solana heist. These mean-spirited undesirables, made $2 million from a sale of 5,000 Baller Apes NFTs at 2 $SOL each. Then vanished from the face of the earth.
Ladies and gentleman I never would have thought this day would come but I was part of the PUREST RUG PULL on Solana play…
Baller Ape Club deleted their twitter, discord and issued zero NFTs while taking $2.2M profit 10 mins after public launch.
Link in description! pic.twitter.com/SUpoZQoRPM
— PureAF (@vegeterijan) October 1, 2021
So, sitting ugly at the top of the pile, sees the unforgettable Evolved Apes caper. A nefarious cash grab that saw its creator run away with a staggering $2.7 million in Ethereum. This blockchain-dwelling supervillain sold 10,000 Evolved Apes NFTs, while neglecting to even pay the artist responsible.
Keep an Ear to the Ground
Despite the many red flags, these schemes are all too common, and this list will likely update regularly. In this day and age however, it’s worth learning to recognize the shady underbelly inhabiting the NFT realm. So, with this in mind, Bankless Times will continue to add to their treasure trove of information.
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