An unknown actor used NFTs and emoticons in a bait-and-switch scam on the Solana network.
Emojis Were Offered as NFTs
The scammer or scammers sold pre-existing emojis instead of the promised original NFT artwork.
Iconics was the name given to the project. It promised to deliver NFTs in the form of 3D art pieces allegedly created by an unknown 17-year-old artist on their Discord server.
The project’s team made NFTs available for public purchase at 0.5 SOL per unit. A total of 2000 NFTs were minted and sold, allowing the team to escape with 1000 SOL worth $138,000.
The contents of the NFT were not revealed to investors until after the sale. However, the name “Iconics” implies that the bait-and-switch involving emoticons was planned from the beginning.
Prominent figures advocated for the sale.
Prior to the sale, the project was promoted by prominent Solana community members such as Solbuckets and Solana NFT Radar, who described the NFTs as “unique artwork.”
Tomorrow @ 10am EST
we like the art 🤝 pic.twitter.com/nyfEFVeiWn
— S◎L buckets (@SOLbuckets) September 29, 2021
The incident today is not the first time an NFT scam has been carried out on the Solana network. Last month, a project called Solana Astro Sols duped buyers out of $6.4 million in SOL before vanishes from the internet.
Hundreds of new NFTs and DeFi projects have been launched on the blockchain in recent months, owing to Solana’s growing popularity.
The network’s low fees and transaction times, as well as its total locked value (TVL) of more than $8 billion, make it an appealing target for both fraudsters and legitimate developers.