Biggest Rug Pull of the Year! This NFT Project Vanished with $10M in Just 1 Hour!
0 minutes read
The crypto community was left in shock earlier today as "MoonLabs NFT", a highly anticipated Solana-based project, executed one of the fastest rug pulls in history disappearing with $10 million in investor funds just 60 minutes after minting.
What Happened?
- Launch Hype: The project promised exclusive 3D avatars with "lifetime royalties" for holders.
- Instant Sell-Out: 10,000 NFTs minted at 1 SOL each(~$150) in under 10 minutes.
- The Exit Scam: Minutes later, the team:
- Drained the mint funds.
- Deleted Twitter/X & Discord.
- Transferred SOL to offshore exchanges.
Red Flags Everyone Missed
1.Anonymous Team: No KYC or public identities.
2.Copy-Pasted Artwork: Similar to a defunct Ethereum project.
3.Too-Good-To-Be-True Rewards: Claimed "50% royalties for holders" (mathematically impossible).
Victim Reactions
- "I spent 50 SOL on this… Poof. Gone." @CryptoGuy123 (Twitter)
- "Their Discord had 100K ‘members’ probably bots." NFT Investigator @Web3Sherlock
How to Avoid Rug Pulls?
- Always check if devs are doxxed (public identities).
- Avoid projects with unrealistic ROI promises.
- Use tools like [Rug.AI](https://rug.ai) to scan smart contracts.
Lesson learned: In crypto, if it smells like a scam, it probably is.
