Thousands of NFT investors are left floundering after an Evolved Apes rugpull caused by its creator. The developer stole over $2.7 million worth of ETH, leaving the NFT project’s community speechless.
Evolved Apes Rugpull: What we know so far
Evolved Apes is an NFT collection featuring 10,000 avatar-style non-fungible tokens. Although they were new on the market, the collectibles enjoyed plenty of success. In fact, the first drop sold out within 10 minutes, raising the collection’s floor price continuously.
Evolved Apes also had gathered a strong community of investors and collectors. Everything was going great for the project – until its creator, dubbed Evil Ape, stole everything.
More precisely, the Evolved Apes developer ran off with 798 ETH stolen straight from the project’s coffers. These funds, worth about $2.9 million, came from minting, as well as ETH traded from OpenSea secondary sales.
What’s more, Evil Ape also took down the official website and Twitter account of Evolved Apes.
What will happen next?
Part of the Evolved Apes community created ‘Fight Back Apes,’ aiming to continue the NFT project. One of their main goals is to create a multisig wallet. Accordingly, this new system could prevent a potential future Evolved Apes rugpull.
However, Evil Ape is still receiving 4% royalties on secondary sales from the Evolved Apes project.
It’s unfair to say the least – but the crypto space still lacks a legal base. This issue stood out this year more than ever, with companies like … trying to figure everything out.
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