The Craziest NFT Rug Pull

Hacking and fraud have become a significant threat to the crypto industry, and non-fungible tokens are no exception. Even if security measures improve in the future, people with bad motives will still find other sophisticated ways to lure and trap investors through various forms of fraud.

It is worth noting that there are different types of scams, including the popular phishing scam. But today we want to focus on another fast-spreading form of fraud called the rye move. We’re looking at one of the craziest scams in the history of crypto and non-fungible tokens involving a sad NFT flu.

What is Rug Pull Scam in NFTs?

According to the description, a straw move is a scam where a crypto or NFT developer hypes a project to attract investor money, only to suddenly shut down or disappear, taking the investors’ assets with them. The name comes from the idiom “to pull the rug out” from under someone, leaving the victim off balance and scrambling. Lana Rhoades was a perfect example.

Earlier last year, Lana Rhoades, a famous porn actress and crypto investor, started a non-fungible token project with comic artwork of herself. The now 26-year-old porn actress and influencer sold the project to potential investors as a “valuable investment,” never as a sale of digital artwork.

The NFT collection called “Cryptosis” contained a fixed set of 6,069 NFTs minted for 0.1 ETH. The NFT projects featured future tools, including future NFT drops, metaverse wearables, and personal messages from Lana.

Lana Rhoades, who had more than 16.8 million followers on the social media site Instagram, promised to “increase the value of her Cryptosis NFT project and make it a lucrative investment for holders that they can sell for more than they paid to create .” The NFT project raised more than $1.5 million.

Lana Rhoades stole $1.5 million just because she was sad

Unfortunately, one day after the mint, Lana Rhoades swept all the funds from the treasury. She kept saying the project was a long-term project and “not a pump and dump,” blaming the ongoing crisis in Ukraine. Later, Rhoades explained that she pulled the curtain on her project because she was upset by some collectors.

The best part is that Lana left her own community because some comments were “rude” pic.twitter.com/X7MARMBgPW

— RILΞ 🌊 (@RileNFTs) 4 June 2023

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