IOI
Funds worth 798 ether ($2.7 million) were syphoned off in various transfers, according to blockchain traces, funds that were supposed to be channeled towards marketing expenses and were produced through the initial sale of NFTs and secondary market charges.
Consider a country rife with lawlessness and chaos. Almost 10,000 unique, distinct apes constructed as NFTs (Non-Fungible Tokens) are battling for survival and authority here, because only the strongest ape, as determined by a renowned fighting game, will live.
Except that for thousands of investors in the “Evolved Apes” project, this fantasy turned swindle has become a reality. The mysterious developer who went by the name of Evil Ape entirely vanished from the face of the internet, leaving behind no website or Twitter handle, as described on the NFT marketplace Opensea as “a collection of 10,000 unique NFTs trapped inside a lawless realm.”
However, blockchain traces revealed that monies totaling 798 ether (about $ 2.7 million) were syphoned off in several transfers, funds that were supposed to be used for marketing expenses and were produced through the initial sale of NFTs and secondary market charges
“What has happened is that Evil Ape has washed his hands of the project taking away the wallet with all the ETH from minting that was to be used for everything, from paying the artist, paying out cash giveaways, paying for marketing, paying for rarity tools, developing the game and everything else in-between,” Mike Cryptobull (name changed), the anointed leader for investigating this scam within the community, who had spent nearly $10,000 on 20 apes, explained.
Warning Signs
Some investors predicted a swindle once the founding leaders left and amateurish announcements took the stage. They blamed it on their lack of experience and the fact that they had no idea what lay ahead.
When it was discovered that the winners of a linked social-media competition had not gotten their NFT awards, nor had the artist been rewarded, the final straw was pulled.
