frens, I'm not even surprised anymore when I see millions of dollars being stolen by NFT scammers.
Bored Bunny Scam
In true NFT scammer fashion, the guys behind Bored Bunny NFTs were able to promise investors the world and siphon millions of dollars from them. They then promptly dumped the money and ran. Shout out to zachxbt on Twitter for all the details. Give him a follow - his investigations are amazing. Anyway - Bored Bunny NFTs are a collection of 4,999 "randomly generated" 3D bunny avatars.
Holders of these NFT were promised all kinds of "benefits and utilities", which of course won't be delivered. They promised exclusive merchandise for holders and a private event that the holders could decide the location of. Of course, they had to promise a metaverse because that's all the hype these days. They even promised more marketing lol.
The red flags are more like giant red sirens on this one. I mean, come on. Hust look at the "benefits and utilities". The first fucking one is "increase the value of your NFT" by getting lucky and minting a rare one that could be worth up to 10x your investment! Wow! So... you're promising that people will make money. Great start.
The other benefits are basically the same things that get used by every project to bring in investors. Bored Bunny City metaverse, breeding if you own 2 or more NFTs, access to private events, and "holder rewards". This is you typical cookie cutter NFT scam.
Of course, just like every other good NFT scam, they paid a ton of celebrities to advertise. Floyd "make that money" Mayweather did 2 different promotional videos urging people to invest so they won't miss out. Here's a tip: if you see Floyd Mayweather promoting something, go the other fucking direction because he literally gets paid to promote scams every day.
Another Twitter user, bax1337 even discovered that they weren't random at all. The minting was rigged in favor of certain people. Wow. Imagine that.
They rigged it so that celebrities would get the most "rare" Bored Bunny NFTs before they were even minted. The dev wallet already held the NFTs that were given to promoters. David Dobrik is at the top of the list!
I guess raking in 2,000 ETH from the first NFT collection wasn't enough, because they dropped Bored Bad Bunny NFTs shortly after with an airdrop to BB holders. This is a collection of 11,111 NFTs at a mint price of 0.4 ETH that netted the scammers another 3,195 ETH!
They even got Jake Paul to promote this one. You can't have a good NFT scam without Jake Paul and Floyd Mayweather promoting it. But wait, there's more!
Days after raking in another $10 million, they announced a 3rd NFT collection. This one is the Bored Mutant Bunny collection of 3,000 NFTs exclusive to purchasers of BB and BBB. They were nice enough to drop the mint price down to 0.25 ETH for this one, though so you know. Just looking out for investors.
Only 500 of these NFTs sold as people started to get suspicious and realize that they had invested in a scam. Very shortly after minting of the Bored Mutant Bunny NFTs, all of the $21.1 Million was transferred to Kraken, FTX, and Binance. Sheesh!
Considering they offered Faze Banks (another scam promoter) $750k, I can't imagine what they paid David Dobrik and Floyd Mayweather. When you're raking in $21 million, that's chump change though. These influencers only see money, not the red flags.
After going completely dark, the Twitter account came back to life after the Frosties NFT scam arrest. Hmmm.... Remember Lana Rhoades did the same thing with CryptoSis? What a coincidence. Gotta convince the SEC and DOJ that they are still "actively working on the project".
Turns out this isn't their first rodeo either. These scammers were tied back to Ancient Cats Club and Crazy Camels. Both of which were million dollar NFT scams. Damn, these guys must be geniuses...
Don't worry though! They bought land in The Sandbox so it looks like they didn't abandon investors.
What a wild ride that was. I highly encourage you to check out the full Twitter thread for all the details. Take this as yet another lesson to do a little bit of research and make better investment decisions. If it looks like a scam, it's probably a scam. If they promise investors will make money, it's a scam. I'm just glad they cashed out via exchanges that require KYC so it'll be really easy to track them down and arrest them.
Thanks for reading! Much love.
Links 'n Shit
| Play to Earn | Read emails, Earn Crypto | Get free crypto every day | Get a WAX wallet |
|---|---|---|---|
| Gods Unchained | ListNerds | PipeFlare | WAX.io |
| Splinterlands | GoodDollar | ||
| Rising Star | FoldApp |
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Gotta be safe out there folks. This is the wild wild west. This is why I don't really get into the whole NFT craze as it is now. Gaming NFTs and other NFTs with a use case like licensing and pegging to real world owner for me!
Yep. I lean toward gaming, music, and other actually useful NFTs as well.
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Damn. I don’t know whether to blame the people who just blindly ape into these things
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Yeah, it's really amazing to me that people are so willing to throw money in fires.
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Wow so many scammers coming to light. One reason I myself would not buy them, another is that every nft and token is something you get to pay the IRS. Thanks for the post.
I guess the only perk would be if you bought for 0.4 ETH and sold for 0.0001 ETH you have a loss to write off in taxes lol
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Really bad for the true investors.. They got scammed.. We all should be very careful dealing with NFTs
Yeah, it's hard to feel bad for people that fall for this kind of thing. It also sucks because a lot of them are new to crypto thinking they're going to make shit tons of money by doing nothing.
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Oh the irony