Home News ‘Evolved Apes’ NFT creator allegedly absconds with $2.7 million

‘Evolved Apes’ NFT creator allegedly absconds with $2.7 million

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‘Evolved Apes’ NFT creator allegedly absconds with $2.7M. Investors in Evolved Apes, a freshly released “pfp” (short for profile photo) nonfungible token (NFT), are concerned about the project’s mysterious developer’s absence.

The developer, who goes by the pseudonym “Evil Ape,” is accused of stealing 798 Ether (ETH) worth more than $2.7 million from the project’s funds.

The allegedly stolen assets included both the money earned during the original minting procedure and the ETH exchanged during the secondary sale of NFTs on the OpenSea marketplace.

The rug pull consequences

Indeed, Evolved Apes was one of the most anticipated NFT mints in recent memory. With the 10,000-piece collection allegedly selling out in just 10 minutes and the floor price gradually climbing in the aftermath.

The project’s OpenSea shop, on the other hand, indicates a tanking floor price of 0.005 ETH, which is substantially less than the original minting cost. The recent rug pull issue that is shaking the project is undoubtedly connected to the drop in floor pricing.

Evil Ape pulled down the Evolved Apes’ Twitter account and website. In addition to reportedly syphoning all of the project’s funds.

Evil Ape and the project’s designers had promised to produce a blockchain fighting game before fleeing with the $2.7 million. A promise made by numerous avatar-style NFT developers.

“Fight Back Apes”

Under the banner of “Fight Back Apes“, a group of community members have banded together to continue the project’s development.

To avoid a repetition of the Evil Ape disaster, the organisations behind the new faction claim they want to build a more community-centric operational model for the project, which includes a multisig wallet.

Evil Ape still collecting 4% royalties on secondary sales. Thus, the current intention is to launch a new initiative that will distribute fresh NFTs to existing holders.

In 2021, NFTs have undoubtedly dominated the crypto conversation, with large platforms like OpenSea registering enormous trade volumes.

Given the popularity of NFTs, it’s expectable to see suspected rogue actors like Evil Ape try to defraud unwary consumers.

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