Bored Bunny, an NFT venture founded on January 5, raised about 2,000 ETH within the first few hours of its introduction. Nonetheless, the endeavor has depleted all of the raised ETH, with over 800 ETH transferred to Binance. Furthermore, the endeavor has muted all of its Discord channels, and the undertaking's ground value has decreased to 90.59 ETH.
This is the second NFT heist in less than a week, raising fears among the NFT community. Previously, the majority of these scams, notably rug pulls, were associated with the Defi market, but the NFT ecosystem has witnessed a slew of counterfeit schemes.
A few weeks ago, Twitch creator Alexis Ohanian's NFT platform Fractal suffered a $150K loss on launch when a hacker supervisor used the site to do a Discord breach. A phony Discord bot posing as an official fractal bot pushed people to manufacture about 3333 NFTS for 1 Solana, and over 3500 people fell for it, losing nearly $600,000.
Also Read: OpenSea NFT Trading Volume Soars as the Bored Ape Hype Intensifies
Since 2012, Non-fungible Tokens have been a part of the cryptocurrency ecosystem, and although they achieved some momentum in terms of acceptance by 2019, 2021 proved to be the breakthrough year. The NFT ecosystem has developed into a multibillion-dollar enterprise, and several contemporary NFT collections now claim flooring prices of up to $4 million. However, as has been the case with recent cryptocurrency use cases, they can become a source of appeal for fraudsters.
Defi, which had a similar breakout in 2020, was linked to 75% of the frauds in 2021, totaling billions. The increasing number of NFT frauds and hacks indicates the same trend. As of present, the largest NFT public sale platform based on Ethereum sees about $3 billion in monthly trading volume. Additionally, the agency secured over $300 million in Series C investment, valuing it at more than $13 billion, making it one of the most remarkable NFT firms and a unicorn at the moment. Additionally, OpenSea's price demonstrates how quickly the NFT system has progressed.