Historical NFT Coin Scam: Rug Pull!

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On January 11, scammers conducted one of the largest NFT coin rug pulls in the history of the Solana Blockchain. The scammers got away with 9,136 SOL worth of funds (about $1.3 million) sent to print the collectors “Big Daddy Ape Club” NFTs. There was no NFT.

NFT coin scam became the agenda: SOL loss of $ 1.3 million

Big Daddy Ape Club has been introduced as a collection of 2222 monkey-themed NFTs that will be printed on the Solana Blockchain and listed on the Solanart NFT marketplace. But it turned out to be a classic rug pull. The concept of “rug pull” describes the type of scam in which the team behind a project collects funds and flees. The folks behind Big Daddy Ape Club managed to get away with 9,136 SOLs in funds despite the NFT launch being “verified” by decentralized authentication company Civic.

Recently, Civic started operating as an NFT auditing and verification service in Solana. Civic announced in late December that it had “verified” the Big Daddy Ape Club through its Verified by Civic Pass program. The company says it designed the program as a free service for creators to verify their real-world identities and build trust in their communities. But Big Daddy Ape Club abused that trust.

Civic now says it’s working with law enforcement to find those responsible for the scam. Civic CEO Chris Hart tweeted the following on the day NFTs should be minted:

We are aware of the reported Big Daddy Ape Club rug pull and the victims involved. We take this attack on the NFT community seriously and are taking steps to offer all we can help.