A new scandal in the world of NFTs, with cries of the a new rug pull. A Twitter user revealed that the team behind Blocky Doge dumped over 221 NFTs on secondary markets! 200 of them sold in 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.
Is Blocky Doge the Latest NFT Rug Pull? Source: Twitter
Blocky Doge Rug Pull: Paper Trail
According to the Twitter user who exposed the rug pull, all of the dumped NFTs were free team mints. So, they have now made 20 ETH for a team member. 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 NFTs.
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. Then, it transferred this to another wallet with the address 0x626B1E57D9bff81405f83c27b891Bb94F4939C17. It is unclear who owns these wallets. Further, we do not know what the team intends to do with the money obtained from the sale of the NFTs.
NFT Rug Pulls: Users Beware
The Twitter user who exposed the rug pull has raised questions about the ethical implications of this. However, they noted that it is unclear whether the team dumped the NFTs, or if this sale was to pay a team member. Either way, the action is unethical and raises concerns about the integrity of NFT projects.
Additionally, the 225 in one wallet suggests that the team may not have been transparent about the minting process. It also suggests that they may have intentionally allowed individuals to obtain a large number of NFTs.
We must remember that 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. So, 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.
