Investors Scammed Out Of Millions After “Evil Ape” Rug Pulls NFT Project – IOTW Report

Investors Scammed Out Of Millions After “Evil Ape” Rug Pulls NFT Project

Wednesday, 6 October 2021, 17:00 Dr. Tar Uncategorized 18

Vice

Cryptocurrencies are riddled with a dazzling array of scams. Rug pulls, a term for when developers take the money and run, are common. And NFTs, or non-fungible tokens, aren’t immune to that old trick, as thousands of investors of a project called Evolved Apes found out on Friday.

Evolved Apes is described on NFT marketplace OpenSea as “a collection of 10,000 unique NFTs trapped inside a lawless land.” They are “fighting for survival, only the strongest ape will prevail,” it says, referring to the project’s much-hyped fighting game, which has not materialized. More

18 Comments on Investors Scammed Out Of Millions After “Evil Ape” Rug Pulls NFT Project

  4. Small potatoes compared to the fraud the government pulls off in the name of an investment.

    Investing in this kind of shit is going to yield the same return as leftist politicians “investing” public monies in… you name it.

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  6. There is nothing that proclaims our impending economic collapse more than this bit of chicanery;

    https://www.washingtonpost.com/business/2021/10/05/trillion-dollar-coin-faq/

    “Congress spends more each year than it collects in revenue. Though the government borrows money to make up the difference, there’s only so much debt it is allowed to carry.

    Enter the $1 trillion coin. The idea is that the president could order the treasury secretary to mint a $1 trillion coin out of platinum, then deposit it with Federal Reserve. Then, just like that, the government would have an additional $1 trillion to pay off its obligations. The debt ceiling is no longer an issue.”

    The descendants of Charles Ponzi are demanding royalties, he thought of it first.

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  9. What exactly is the purpose of crypto currency? It’s not a transactional currency, it is a commodity, not a currency.

    In my mind it is no different than baseball trading cards, beanie babies or comic books. There is nothing backing the value – only what the next dumbest investor thinks it’s worth. I’d invest with Bernie Madhoff before I would invest crypto-nite.

    Imagine, going to an auto dealership to purchase a $ 50,000 vehicle with crypto, only to find out that on the day of the transaction your cypto lost half it’s value. Not to mention the risk that the dealer assumes in accepting one value today only to have his profit wiped out by the fluctuating value.

    Now when the federal government introduces a digital currency backed by the full faith and credit of the US government, that is a transactional currency – a cashless society. Access to your funds may be through a bank as an intermediary, but ultimately it through a government issued and monitored debit card.

    That goes hand in glove with a social credit scoring system. Score too low? Sorry, Big Brother denies your purchase of that particular item or service. It’s the China Model and a totalitarian’s wet dream.

    We must oppose a cashless society with every fiber of our body.

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  15. Track down and trying to comprehend what was going on with this story started giving me a headache. I’m not sure if it was the stupidity of entrusting thousands of dollars to an anonymous person or investing is horse feathers like these people did. It seems like a prime example of irrational behavior and we base our entire financial system on investors acting rationally. Sleep well now, you hear.

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