As in every sector, fraudulent activities are also found in the crypto world. One of these fraudulent activities is the rug pull in the crypto world. An example of rug pull came from the world of NFT. The owners of the Wanderverse NFT collection disappeared by making rug pulls.
This fraud scenario proceeds the same way every time. Project owners first entice investors with attractive rewards, promise investors with unrealistic profits, and then terminate the project and disappear. The money of the investors is mixed with the owners of these projects into obscurity.
NFT Rug Sequin
Rug pull is a common occurrence in altcoins and especially in joke coins that are growing in popularity. However, rug pull is rare in the NFT world and it is surprising. What is different with NFTs is that investors can still keep NFTs in their wallets, but the value of NFT becomes worthless as the promises made by the project owners are not kept.
In other words, after investors mint and buy their NFTs, malicious project owners do not take actions that will provide positive returns such as tokens, metaverse projects, etc., and run away with the money they collect from investors. While this is happening, the project ends and all related platforms are shut down.
Closing Accounts After Rug Pull
Wanderverse NFT follows the same path. Investors state that they are exposed to rug stamps, especially on Twitter, and that Wanderverse’s Twitter address and website are down. Likewise, PeckShieldAlert, a platform that monitors rug pull and scam actions, states that there is rug pull in the Wanderverse NFT project and emphasizes that approximately 188 Ethereum (ETH) has been stolen.
Investors should definitely research the reliability of the project before making their investments. In order to measure reliability, the quality of the website and advertisements can be questioned, and the liquidity of the relevant market must be checked. In addition, high-profit projects that draw ponzi schemes should be viewed with more prejudice and projects that have proven their legitimacy should be chosen.