The first NFT rug pull of 2022

[rhomelmabini]

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

[tbct_mt2]

Rug pulls are most terrible but with crypto and NFT projects people will have to face with gradual terrible decrease then decease. It is not comfortable when they will have to struggle to keep up with their patience, loyalty, give up and if they decide to hold, they will face and end with rug pulls or project deaths.

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.

[jrrsparkles]

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.

[Williamm07]

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

[Reid]

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.

[Cling18]

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.

[btc_angela]

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

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.

[Blowon]

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.

[rhomelmabini]

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.

[coco23]

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

[Oasisman]

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.

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.

[rhomelmabini]

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.

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.

I guess that's the way to put it but @jrrsparkles is asking if the NFT or the art collectibles was just stolen or they took the money and I guess that's a different thing to consider. Yeah, it's still the same thing as it hurts those who invest in it, hope that they'll be caught by the authorities or if by chance they can still be redeemed or goes back live again which I still doubt at this point.

[Ararbermas]

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..

[isaac_clarke22]

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.

[Jaered]

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

[Johnyz]

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.

[MarjorieZimmermanGinger]

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.

[VanDeinsberg12]

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.

[dothebeats]

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.

[24Kt]

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.