The creators of the "Big Daddy Ape Club" NFT collection swiped 9,136 SOL, or around $1.3 million, from would-be collectors, marking the biggest "rug pull" in the solana's history.
A rug pull is a type of scam in which creators quickly cash out their gains after launching a project.
The creators of the "Big Daddy Ape Club" scam were vetting by Civic, a San Francisco-based company.
The NFTs were verified through Civic's Verified by Civic Pass program. The creator was compared with a photo ID and a 3-D scanned.
The creators vanished on January 11 when the NFTs were supposed to be made. The 2,222 ape-themed token was never created. Similar to other rug pulls, the official website of the collection, as well as their social media accounts, shut down. Solanart acknowledged the rug pull.
There are victims involved in the reported Big Daddy Ape Club rug pull. Civic CEO Hart said that they are taking the attack on the NFT seriously and are taking steps to offer assistance.
Civic said it is in contact with US-based authorities to find the people behind the scam.
Wall Street and Hollywood are getting onboard with the idea of investing in NFTs, which are digital representations of artwork, sports cards, or other collectibles.
As the market continues to grow, so does the number of scam artists. According to Chainsalysis, the estimated value of rug pull scam was over $2 billion last year. The "Big Daddy Ape Club" rug pull is an NFT collection that is also a scam.
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