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Emoji Bait-and-Switch Raised $138,000 on Solana

Emoji Bait-and-Switch Raised $138,000 on Solana

An NFT mission called “Iconics” supplied emojis after promising 3D art work.

Key Takeaways

  • A bait-and-swap scammer supplied emoji NFTs on the Solana network after promising NFTs containing 3D art.
  • The mission operated underneath the title “Iconics” and supplied more than 2000 NFTs, valued at $138,000 in total.
  • The sale used to be promoted by contributors of the Solana community sooner than the nature of the scam modified into determined.

An unknown actor has performed a bait-and-swap scam on the Solana network intelligent NFTs and emojis.

Emojis Were Supplied as NFTs

The scammer or scammers supplied pre-present emojis in station of usual NFT art work that used to be promised to traders.

The mission used to be operated underneath the title Iconics. In its Discord server, it promised to enlighten NFTs in the operate of 3D art items supposedly created by an unknown 17-365 days primitive artist.

The mission’s crew opened NFTs for public sale at 0.5 SOL per unit. In total, 2000 NFTs had been minted and supplied, allowing the crew to make off with 1000 SOL valued at $138,000.

Investors did now not search files from the NFT’s contents unless after the sale. On the replacement hand, the title “Iconics” implies that the bait-and-swap intelligent emoticons used to be half of the concept from the open.

Prominent Figures Promoted Sale

Earlier than the sale, the mission used to be promoted by considerable figures internal the Solana community including Solbuckets and Solana NFT Radar, who called the NFTs “irregular art work.”

reminder to all frens –@IconicsSol

✅8000 offer

✅0.5 $sol mint

✅top quality art

Day after as of late @ 10am EST

we adore the art 🤝 pic.twitter.com/nyfEFVeiWn

— S◎L buckets (@SOLbuckets) September 29, 2021

This day’s incident is now now not the first time an NFT scam has been done on the Solana network. Closing month, a mission called Solana Astro Sols scammed traders out of $6.4 million sooner than disappearing.

With Solana’s rising popularity, a total bunch of new NFTs and DeFi projects were launched on the blockchain in most well-liked months.

Its low charges and transaction cases and a total worth locked (TVL) of over $8 billion make the network an appealing target for fraudsters as correctly as first fee builders.

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