BAYC Inspired Bored Bunny NFT Scam, Project Drains Out 2000 ETH

“Bored Bunny” NFTs, a project inspired by the Bored Ape Yatch Club NFTs, released its tokens on 5th January (earlier today), only for the ethereum raised to get plugged out some time after it went live. The non-fungible tokens raised approximately 2000 ETH within the first few hours before all the money was drained out from the project and a significant amount of the Ethereum raised was transferred to Binance.

The floor price of this project fell to 90.59 ETH soon after, while all its channels on Discord have now been muted.

More On What’s Happening

According to Arover’s report, the community manager of this project stated his criticisms regarding the matter on the Discord channel. He chastised the founders and said that he quit his job, but the message was deleted by the founders within a short period of time.

Keep in mind that this Floyd Mayweather endorsed NFT collection has been all the rage on social media platforms for the past week, with a number of tik toks clips and youtube videos featuring Bored Bunny as the next NFT to buy.

CoinGape observed that this makes the second NFT rug pull scam within the past week, raising concern for everyone in the community. With these scams seeping into the NFT ecosystem, rug pulls are no longer a scam associated solely with the DeFi market space.

Rise of the NFT Community

NFTs saw ginormous growth over the past year, turning into a a multi-billion dollar industry today. But as was the case in DeFi, larger traction of buyers and sellers also makes the community much more susceptible to hackers and scammers. (To read more about NFTs, click here)

The DeFi market had experienced a similar boom in popularity and circulation in 2020, which led to 75% of the crypto scams in 2021 to be associated with it. And now NFTs show a similar pattern of breakout from 2021. As a testimony of this rapid growth, CoinGape reported that as of today, the top NFT auction platform based on Ethereum sees nearly $3 billion in trading volume each month.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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