Fake NFT Project Hack? CTO Vanishes After Allegedly Stealing 94 SOL

[TomPluz]

A new rug pull alert sounded on Tuesday after crypto detective ZachXBT unveiled on-chain details of an alleged hack suffered by an NFT project last month. The project’s CTO announced that a response was in the works but ultimately vanished as criticism grew.

On-chain sleuth ZachXBT revealed the alleged misuse of funds by the CTO of NFT project Nuddies NFT.  In a now-deleted post, its CTO Kyle explained that the project was “derugged from its previous founder” and built differently from other NFT projects.

According to the crypto detective, Kyle faked a hack that seemingly stole the project’s funds. On March 3, the alleged culprit posted on the Nuddies NFT Discord server, informing us of the hack.

The post affirmed that Kyle’s Mac was hacked despite “not clicking in any malicious link.” The CTO concluded that a “zombie process” was on his computer for an undetermined period.

Read more details here!

This is a very interesting rugpull story and to think that it just involved 94 SOL which is just around $17K at the current market price. Oh well, this is just telling us how low scammers can get in fooling people as they would fly away in the face of challenges confronting them. Let's hope that there will be many stories like this in 2024 and 2025 as we are expecting more people to be coming in to the cryptocurrency industry. This again solidifies my conviction to never get involved with NFT not unless am just receiving them for free.

[Zed0X]

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This is a very interesting rugpull story and to think that it just involved 94 SOL which is just around $17K at the current market price.

Maybe the CTO thought Nuddies is going nowhere and decided to shut it down. The amount is probably enough to launch the next rugpull innovative project There is still time to launch another money grab right? The NFT profit chasers bites anything that's new and with potential.

[Stompix]

I saw nuddies...
I opened the NFT explorer 
I saw this https://solanart.io/collections/nuddies   

Common it was supposed to be something else, not clothed-up jpgs!!!

This is a very interesting rugpull story and to think that it just involved 94 SOL which is just around $17K at the current market price. Oh well, this is just telling us how low scammers can get in fooling people as they would fly away in the face of challenges confronting them.

17k might look small because some might be used to the headlines that only talk about the big scams, millions and so, no newspaper or blog will care about mentioning smaller ones that happen weekly. Some fake ICO grabbed 200$ and went dark, and there have been hundreds of those, I remember the ICO madness when they were making projects each day, try and scam one or two, leaving the domain till it expired maybe another victim and those guys were happy with grabbing a few hundred dollars from one.

We get people trying to scam $30 for a few coupons or some gaming account, 17k is already something a lot of wannabe scammers are not even dreaming about!

[GxSTxV]

What an interesting name Xd, although thousands of similar cases and stories seem to occur daily and particularly within the space of NFT projects, which from my experience are especially susceptible to such situations, we see many people still investing in such projects and believe in quick profits blinding them to buy worthless NFTs most of the time.
This recent rug pull alert highlighted by the crypto detective, is relatively so small compared to instances where some people and owners have stolen millions of dollars using the same methods, creating a peoject, NFT, a presale then a rug pull. Many project owners will likely claim to be hacked or tell different stories to espace some responsibility of what happened or take away suspects.

However, some cases do result in responsible of the project or more particularly the scammer being caught and at least the funds being returned to investors. For instance I read about recent case involving a Presale project, the owner run with investors' funds which were foolishly sent via the Binance platform that has his name and everything as a decentralized platform. Binance then froze the owner's account and returned the funds to investors, so hopefully the same thing will happen in this case.

[SamReomo]

Those days such projects are on rise and investors blindly invest their money in such projects in hopes that they may get 10x to 100x returns within days if they invest in early days of such projects, but I have noticed that the number of rug-pull projects have increased a lot as compared to the genuine ones and their is literally no one to know that which project is going to be a rug-pull or a good one.

I have noticed that the investors who have got their interest in Solana meme coins often get rugged by such rug-pullers. Each day we see 100's of new Solana based meme coins that are basically nothing but rug-pulls. There are very few decent Solana based meme coins but due to craze many rug-pullers have got success in rug-pulling the money out of the investors who believe in Solana based meme coins.

[Zed0X]

I saw nuddies...
I opened the NFT explorer 
I saw this https://solanart.io/collections/nuddies   

Common it was supposed to be something else, not clothed-up jpgs!!!

Funny that I was tempted to look it up earlier as well but no

[Crwth]

The owner probably knows that it's not going to hold on too much knowing the project name and what it is based on you know and having that 94 SOL already might be enough for that person.

[joniboini]

I have noticed that the investors who have got their interest in Solana meme coins often get rugged by such rug-pullers. Each day we see 100's of new Solana based meme coins that are basically nothing but rug-pulls. There are very few decent Solana based meme coins but due to craze many rug-pullers have got success in rug-pulling the money out of the investors who believe in Solana based meme coins.

It is hard to believe there is a "decent meme token" to begin with. Most of the time that term is used for projects that managed to pump heavily so a lot of people managed to profit from it, not necessarily because it offers anything special. I hope meme coins can die so no scammers can easily profit from creating 100x meme tokens whenever a bull run happens. It would be even better if people stopped fomoing on these projects and pivoted their money to BTC.

[ScamViruS]

When a new trend hits the crypto market some rugpullers use that trend to run away with the rugpull of crypto investors. This project was also created for that purpose and when they saw that they got enough sol they fled with the funds of crypto investors. This situation actually makes it difficult for crypto investors who invest in various new projects, because now investors in solana are losing as much as they are earning.

[robelneo]

This is a very interesting rugpull story and to think that it just involved 94 SOL which is just around $17K at the current market price. Oh well, this is just telling us how low scammers can get in fooling people as they would fly away in the face of challenges confronting them. Let's hope that there will be many stories like this in 2024 and 2025 as we are expecting more people to be coming in to the cryptocurrency industry. This again solidifies my conviction to never get involved with NFT not unless am just receiving them for free.

There are high-level scammers and hackers and there are low-level scammers there are scammers developers that will scam people for a few hundred thousand, believing that authorities will not bother for a few hundred dollars.
I've seen this happen in the ICO and NFT, especially in the meme coin trending project, they create they hype it then they do rug pull, then they improve and then they repeat, I have been tempted to buy NFT in the PVE platform I invested but luckily I control not to because of the many complaints of their NFT losing its value.

[Baofeng]

With that, I do hope that it will open the eyes of would be NFT investors, we are in the bull run and anyone of this projects has the "potential" to rug pull regardless of how much money they can get from it's customers.

$17k? The thing is that he already experience this kind of free money and so I'm afraid that in the next couple of months, CTO might appear again hiding his true identify with another NFT projects or memecoins and do the same again.

So again, newbie investors let this be a expensive lessons.

[yhiaali3]

Rug pulling projects are spread everywhere on the Internet, especially for networks with low fees such as Binance and Polygon. As for NFTs, this is the first time I have heard of a rug pulling project explicitly.

Anyway, it is not surprising, because many bounty hunters are looking everywhere for free giveaways and NFTs are a great temptation for them because they think they can sell them at a very high price. So they can quickly fall into the trap without any real research.

[SamReomo]

I hope meme coins can die so no scammers can easily profit from creating 100x meme tokens whenever a bull run happens.

I also hope that but to be honest such traps don't die so soon and many investors lose millions because of the meme season craze.

If you look at the number of Solana based meme tokens on daily basis then you'll understand that how good they are working for scammers.

Many scammers launch their meme coins within minutes and after the launch when they get initial investors they dump the coin and rug-pull the money of the investors.