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Is Blocky Doge the newest NFT Rug Pull?
A new scandal in the world of non-fungible tokens (NFT). The Blocky Doge project is allegedly pulling a rug a scam. A Twitter user revealed that the team dumped over 221 Blocky Doge NFTs on secondary markets. 200 of them sold in the last two hours. Also, the money from the sale is currently sitting in a wallet, and it’s unclear what the team intends to do with it. This has raised questions about the ethical implications of such actions in the NFT world.
Blocky Doge Rug Pull: Paper Trail
In accordance The Twitter user which revealed the blanket move, all the dumped NFTs were minted in the team mint stage for free. They have now created 20 ETH for someone internally. What is even more worrying is that they only dumped these NFTs in the 0.9 ETH range. The Twitter user also noted the fact that the coin was supposed to be limited to one per wallet, but there are people who have access to 225 of them.
The money from the sale of these NFTs is currently in a wallet with the address 0x3666275B3fa9b8A7A7f2D96f3E0b7780579843B5. This wallet received a transfer of 4.1 ETH and was then transferred to another wallet with the address 0x626B1E57D9bff81405f83c27b891Bb94F4939C17. It is unclear who owns these wallets or what the team intends to do with the money raised from the sale of the NFTs.
Blocky Doge: Just another example of a corrupt NFT industry
The Twitter user who exposed the carpet has raised questions about the ethical implications of such actions in the NFT world. They noted that it is unclear whether the team dumped the NFTs or whether a third party did so for compensation for marketing expenses. Regardless, the action is unethical and raises concerns about the integrity of NFT projects.
There was a supposed mint limit of one per wallet. However, some people have access to 225 of them, which is also worrying. It suggests that the team may not have been open about the embossing process. It also suggests that they may have intentionally allowed certain individuals to obtain large numbers of NFTs.
NFT Rug Pulls: Beware Users
The Blocky Doge project is a free coin with no promises. This means that there was no guarantee of any value or utility associated with the NFTs. This has led some to argue that dumping the NFTs is simply an additional tool that comes with free coin. However, others argue that this does not excuse the team’s actions. It is still unethical to dump the NFTs without regard to their actual value.
