Home/News

NFT Rugpull: Bored Bunny NFT project drains out 2000 ETH; Floor price drops to 0.59 ETH

By Prashant Jha
January 5, 2022 Updated January 5, 2022
Best In

Earn

17% APR

Telegram

Coingape
Bored Bunny

Bored Bunny, an NFT project launched on January 5th i.e earlier today had raised nearly 2,000 ETH during the first few hours of it going live. However, now the project has drained out all the raised ETH, and nearly 800 ETH has been transferred to Binance. The project has muted all its channels on Discord and the floor price for the project fell to 90.59 ETH.

This would be the sec0nd NFT rugpull scam within a week raising alarms in the NFT community. Earlier m0st of these scams especially rug pulls were associated with the Defi market, while the NFT ecosystem has seen a bunch of counterfeit scams.

Bored Bunny

Just a couple of weeks ago, Twitch founder’s NFT platform Fractal suffered a $150K loss on debut when a hacker manager to pull a Discord hack on the platform. A fake Discord bot disguised as an official fractal bot encouraged people to mint nearly 3333 NFTS for 1 Solana and nearly 3500 people fell prey to it and lost nearly $600,000.

NFT hacks on the rise

Non Fungible Tokens have been a part of the crypto ecosystem since 2012 and even though it gained some traction in terms of adoption by 2019, 2021 proved to be the breakout year. The NFT ecosystem grew to become a multi-billion dollar industry and today many popular NFT collections boast floor prices as high as $4 million. However, as has been the case with most popular use cases in crypto, they also become a point of attraction for scammers.

Defi which had a similar breakout in 2020 has been associated with 75% of the scams in 2021 that collectively lost billions. The rising number of NFT scams and hacks also indicates a similar high. As of today the top NFT auction platform based on Ethereum sees nearly $3 billion in trading volume each month. The firm also raised over $300 million in Series C funding, giving it a valuation of over $13 billion, making it one of the most prominent NFT firms and a unicorn today. OpenSea’s valuation also reflects how fast the NFT system has evolved.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Stories View all
GameStop-poster
GameStop Launches its Crypto and NFT Wallet
jpg_20220523_165148_00001
Crypto Shines At World Economic Forum in Davos
jpg_20220523_140447_0000
Balenciaga Announces To Accept Crypto Payments.

Next Story