Solana-based NFT, Iconics, has reportedly performed a rug pull after its creator, an unidentified 17-years-old 3D digital artist, failed to deliver the project and disappeared with the money of investors.
The Iconics NFT project promised to deliver 8,000 NFTs of “quality artwork” of busts of 3D figurines. The creator had also sent 14 samples of these artworks to the Discord channel of the project.
However, the presale, which was held yesterday did not go as expected as those who bought the “NFTs” only got random collections of emojis. According to available information, 2000 NFTs were up for sale at an average price of 0.5 Sol. This means the fraudster was able to get 1000 Solana which, at current price is roughly around $140,000.
NFT community reacts to fraud
One of the buyers, Sol Big Brain, was quick to tweet that, “Damn.. @IconicsSol just RUGGED. Did a presale for 2K at .5 and made off with I think 1000 SOL,” he added that “Sorry to anybody who took the L here. I minted a bunch also as art looked good. Lesson Learned.”
His tweet attracted several reactions from within the Solana community. One notable response came from a user identified as Ry, who said that Solana-based NFTs were becoming famous for rug pull and suggested that the sector be regulated.
According to him, “Brutal. My sympathy to anyone who was a victim here. Unfortunately, I think with NFTs, particularly on Solana, becoming so popular lately, this is going to be more common. We should almost have a watchdog group to do DD on projects and rate risk.”
Another response from a user identified as Z reads, “with every new rug on SOL, I get more convicted on holding my blue chip.”