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A new scandal in the world of non-fungible tokens (NFTs). The Blocky Doge project is allegedly pulling a rug pull a scam. A Twitter user revealed that the team dumped over 221 Blocky Doge NFTs on secondary markets. 200 of them sold in the past two hours. Moreover, the money obtained from the sales is currently sitting in a wallet, and it is unclear what the team intends to do with it. This has raised questions about the ethical implications of such actions in the world of NFTs.
Blocky Doge Rug Pull: Paper Trail
According to the Twitter user who exposed the rug pull, all of the dumped NFTs were minted in the team mint stage for free. They have now made 20 ETH for someone internal. What’s even more concerning is that they only dumped these NFTs in the 0.9 ETH range. The Twitter user also noted the fact that the mint was supposed to be limited to one per wallet, but there are people who have access to 225 of them.
The money obtained from the sale of these NFTs is currently sitting in a wallet with the address 0x3666275B3fa9b8A7A7f2D96f3E0b7780579843B5. This wallet received a transfer of 4.1 ETH, and then transferred to another wallet with the address 0x626B1E57D9bff81405f83c27b891Bb94F4939C17. It is unclear who owns these wallets or what the team intends to do with the money obtained from the sale of the NFTs.
Blocky Doge: Just Another Example of a Corrupt NFT Industry
The Twitter user who exposed the rug pull has raised questions about the ethical implications of such actions in the world of NFTs. They noted that it is unclear whether the team dumped the NFTs or if it was a third party doing so for compensation for marketing expenses. Either way, the action is unethical and raises concerns about the integrity of NFT projects.
There was a supposed one-per-wallet mint limit. However, some people have access to 225 of them, which is also concerning. It suggests that the team may not have been transparent about the minting process. It also suggests that they may have intentionally allowed certain individuals to obtain a large number of NFTs.
NFT Rug Pulls: Users Beware
The Blocky Doge project is a free mint without promises. This means there was no guarantee of any value or utility associated with the NFTs. This has led some to argue that dumping the NFTs is simply an extra utility that comes with the free mint. However, others argue that this does not excuse the team’s actions. It is still unethical to dump the NFTs without regard for their actual value.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
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