Bored Bunny, an NFT project launched on January 5th i.e earlier today had raised nearly 2,000 ETH during the first few hours of it going live. However, now the project has drained out all the raised ETH, and nearly 800 ETH has been transferred to Binance. The project has muted all its channels on Discord and the floor price for the project fell to 90.59 ETH.
— rnmtq.eth (@0xRNMTQ) January 5, 2022
This would be the sec0nd NFT rugpull scam within a week raising alarms in the NFT community. Earlier m0st of these scams especially rug pulls were associated with the Defi market, while the NFT ecosystem has seen a bunch of counterfeit scams.
Just a couple of weeks ago, Twitch founder’s NFT platform Fractal suffered a $150K loss on debut when a hacker manager to pull a Discord hack on the platform. A fake Discord bot disguised as an official fractal bot encouraged people to mint nearly 3333 NFTS for 1 Solana and nearly 3500 people fell prey to it and lost nearly $600,000.
Well, @justinkan‘s @fractalwagmi is going well…
Their actual Discord Bot was hacked encouraging people to mint 3333 NFTs for 1 Solana (worth $177 each).
But the link is to Fractai, not Fractal… 3294 just lost nearly $600,000 combined. pic.twitter.com/mnSaa0wOnp
— Zach Bussey (@zachbussey) December 21, 2021
NFT hacks on the rise
Non Fungible Tokens have been a part of the crypto ecosystem since 2012 and even though it gained some traction in terms of adoption by 2019, 2021 proved to be the breakout year. The NFT ecosystem grew to become a multi-billion dollar industry and today many popular NFT collections boast floor prices as high as $4 million. However, as has been the case with most popular use cases in crypto, they also become a point of attraction for scammers.
Defi which had a similar breakout in 2020 has been associated with 75% of the scams in 2021 that collectively lost billions. The rising number of NFT scams and hacks also indicates a similar high. As of today the top NFT auction platform based on Ethereum sees nearly $3 billion in trading volume each month. The firm also raised over $300 million in Series C funding, giving it a valuation of over $13 billion, making it one of the most prominent NFT firms and a unicorn today. OpenSea’s valuation also reflects how fast the NFT system has evolved.
The post NFT Rugpull: Bored Bunny NFT project drains out 2000 ETH; Floor price drops to 0.59 ETH appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks