A Solana-based NFT project has defrauded investors of over $130,000.
Solana-based NFT project Iconics appears to have pulled off a rug pull, defrauding unsuspecting investors of over $130,000.
Iconics NFT rug pull gets 1000 SOL
The project was the brainchild of an unidentified 17-years-old 3D digital artist, who failed to deliver on his promise and disappeared with investor’s funds.
Iconics were supposed to be 8,000 NFTs of 3D-like bust of figurines, with the creator producing 14 samples of the work on Discord.
The presale was held yesterday where 2000 NFTs were sold at a base price of 0.5 SOL. However, instead of receiving their minted “quality art,” buyers only received a random collection of emojis instead.
Unsurprisingly, after the dud sales, the Iconics Discord Channel went offline, and its official Twitter handle was also deleted. Available information on Blockchain data also shows that the fraudster got around 1000 units of Solana which at its current price is worth $138,000 —these funds have been spread across various accounts.
Victims of the fraud have been United in their grief as they have created a new Discord channel where they are discussing their losses and, at the same time, are attempting to continue the project.