Oops Sorry

NFT Developer Absconds With $2.7 Million Dollars

It's a classic crypto rug-pull.

Futurism
Image by Futurism

Crypto heads still haven’t learned their lesson.

In case you haven’t heard, non-fungible tokens (NFTs) are still very much a thing — and more people hoping to cash in are instead getting scammed left and right.

The developer of “Evolved Apes,” which ironically describes itself as “a collection of 10,000 unique NFTs trapped inside a lawless land,” just called it quits and absconded with 798 ether, the equivalent of about $2.7 million, out of the project’s funds.

In retrospect, maybe buyers should have had more caution.

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“Fighting for survival, only the strongest ape will prevail,” reads the project’s description.

The developer, who goes by the moniker “Evil Ape” — we’re not making this up — had originally promised to launch a fighting game where gamers could win Ethereum by playing the game.

But a week after launch, the developer seems to have gotten cold feet — or kicked off the next step of their evil plan — and left without a trace, Vice reports.

Shockingly, Evolved Apes community members never got a pay out from a social-media competition meant to drum up hype for the game. Even the artist was never paid.

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In short, the money has disappeared, leaving a lot of egg on a lot of faces — and investors are understandably pissed.

“We will become the Fight Back Apes, fighting as a community against our nemesis Evil Ape,” community member Mike_Cryptobull wrote in a report shared with investors and obtained by Vice, referring to an offshoot project meant to pick up the pieces.

That’s because Evil Ape would directly benefit from four percent royalties from every sale on Evolved Apes.

It’s yet another sad instance of people being scammed by believing the hype surrounding a new NFT project. If it feels too good to be true, keep your cash and stay far away.

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READ MORE: Investors Spent Millions on ‘Evolved Apes’ NFTs. Then They Got Scammed. [Vice]

More on crypto: People Are Flooding to Cryptocurrency Rehab Clinics


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