If you ever wanted to know how crazy it is in the crypto world today, read on.
Let me share with you something that seem to be pure Hollywood material.
A story so unbelievable, you’d probably find it at the fiction section beside Star Wars books in the library.
There’s an NFT project called Balloonsville.
Think Balloon heads with a variety of different artwork around their faces.
Apparently the team behind it rugpulled and walked away with 5,000 SOL (around US$600k).
Guess what, this isn’t the first time the scammers have rugpulled a project.
A month ago, they did it with an NFT project called Doodled Dragons.
That time, they stole US$30k.
It is scary, painful, unbelievable and puzzling all at once.
As per usual, they deleted the Twitter account and even mocked the whole community and Magic Eden in a series of fiery Tweets.
“All it took was a couple of paid actors, and boom, we did it again,” one tweet read, suggesting that the team was perhaps responsible for previous rugpulls.
The scammers even had the audacity to say: “Y’all really believe anything nowadays.”
I really feel bad for the buyers who thought they were buying something meaningful.
The crypto world is a tornado of craziness passing through a hurricane of chaos and uncertainty.
Nothing is promised and everything seems so promising.
Everything is fair game and nothing is quite fair.
On one side of the crypto world, you have the glimmering hope of what the Blockchain, DeFi, NFTs and Tokens can offer.
On the other side, you get scammers, get-rich-quick gurus, rugpullers and mercenaries preying on the uninformed and weak.
It really is the wild wild west and anything goes.
Before we go on, what is a rugpull?
Imagine standing on a rug, happily eating an ice cream.
Someone comes along and viciously pulls the rug that you were standing on.
What happens?
The rug is yanked off and you fall, dropping your delicious ice cream and looking sad as melted cheese.
That’s how a rugpull feels like.
“A rug pull is a type of crypto scam that occurs when a team pumps their project’s token before disappearing with the funds, leaving their investors with a valueless asset.”
I don’t know what is more fascinating or scary.
The fact that the culprits scammed everyone twice using different projects.
Or the fact that there is no way to bring those scammers to justice.
Or the fact that Magic Eden didn’t even bother to verify the sellers at any point, and even put them in the “Featured Project” section.
Or that the scammers had a legitimate message to send Magic Eden and the Solana Community, pointing out a serious flaw in the system.
Are they the villains we never wanted but never knew we needed?
Will NFT survive the onslaught of scammers and bad actors?
Is it the marketplace’s responsibility to protect its users?
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