TRM is actively tracking multiple actors and exploits that have occurred over the last several months connected to NFT drops. What can be done to counteract NFT fraud? TRM is collaborating with law enforcement and industry partners to provide additional details on this investigation. This is the largest known NFT rug pull to date across any blockchain. On-chain analysis by TRM has identified approximately $2 million USD worth of Solana stolen by the Baller Ape Club from investors. Screenshot of the Baller Ape Club NFT launch site The NFT mint website launched by IconicsSOL was mini-guysonfleekco, suggesting that IconicsSol was actually a rebrand of the Mini Guys NFT. TRM reviewed on-chain flows associated with the IconicsSOL NFT drop and found that users submitted 0.5 SOL over a period of three minutes before the website refreshed with a sold out message. Last week, the IconicsSOL NFT drop opened with a mint price of 0.5 SOL. A rug pull is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds. Last week, we investigated two NFT rug pull incidents that totaled approximately $2.5 million in losses for victims. In some cases attackers tricked individuals into revealing their private keys. These attacks originate from various access points, including social media direct messages, encrypted chat apps, SMS texts, and solicitation through email to download attachments, or visit a phishing website. Over the last several months, TRM investigators have identified a significant increase in attacks targeting Non-Fungible Token (NFT) consumers. As a blockchain analytics company focused on monitoring, detecting and investigating crypto fraud and financial crime, TRM routinely alerts our clients - crypto exchanges, financial institutions and government agencies - to new threats that could target their systems and end-users.
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