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Media CoverageAfter recruiting investors, suddenly disappearing – NFT ‘rug pull’ scam in progress.
Rug pull scams, where Non-Fungible Token (NFT) developers suddenly halt their projects and disappear with the investment funds, are on the rise. Over the past few years, multi-level marketing (MLM) scams related to cryptocurrencies have been rampant, and it seems that the realm of crime is now expanding into NFTs. (omitted) According to the legal community, NFT-related fraud crimes have been increasing recently in South Korea as well. Hyeonsu “Elliot” Jin, the managing partner of Decent Law Firm, which specializes in virtual assets, stated, 'We have seen a rise in cases involving NFT rug pull scams recently, and the legal community as a whole is also experiencing an increase in NFT and other virtual asset fraud cases,' reflecting the industry’s sentiment. Attorney Hyeonsu “Elliot” Jin explained, "There are various types of scams, such as developers completely disappearing after the NFT minting process, failing to deliver on promises such as listing on overseas exchanges after announcing grand plans, or vanishing from Discord communities one or two years later." As these crimes increase, the investigative authorities have also begun to respond. On the 13th, the Supreme Prosecutors’ Office held a meeting with specialized prosecutors from local offices across the country to address 'multi-victim crimes affecting ordinary citizens,' and identified 'investment fraud related to cryptocurrency and NFT development' as one of the five major virtual asset crimes, committing to focus on combating these issues. The problem is that since NFT rug pull scams and virtual asset-related frauds are relatively new types of crime, not only the victims but also investigative agencies and courts are struggling to respond effectively. Attorney Hyeonsu “Elliot” Jin remarked, 'Frontline investigators often struggle with understanding MetaMask (an Ethereum-based wallet) and the NFT trading process, making it challenging for both investigative agencies and courts to handle these cases properly.'
2023-01-16 etoday -
Articles
Response Plan: How Domestic FTX Users Should Respond to the FTX Collapse
Maintain Your Account: Do not delete your FTX account until the Chapter 11 bankruptcy or liquidation process is fully completed. Keep it active. Secure Evidence: Prepare for potential hacking or account deletion by capturing and securely storing token holdings, account information, and transaction records to prove your creditor status with FTX. Verify Creditor List: Once FTX's Chapter 11 or liquidation process is approved, the appointed administrator will organize a creditor list. Most users will likely be automatically included, but in case of exclusion, notifications may be sent via email or other communication channels. Beware of Phishing: Verify the authenticity of any emails or messages claiming to be from FTX. Be cautious of phishing scams and avoid falling victim to fraudsters. Engage with Communities: Join domestic victim communities to stay updated with the latest information and collaborate with other affected users for collective actions and insights. Plan for Time: Understand that the recovery process may take 1–2 years. Manage expectations and avoid unnecessary stress during the waiting period. Avoid Secondary Scams: Beware of offers to buy your FTX claims at a discount or to assist with debt collection. Such proposals may lead to secondary fraud. Key Takeaway: Domestic FTX users should keep their accounts active, prepare evidence to establish creditor status, and avoid phishing and secondary scams. Stay informed by monitoring updates on the Chapter 11 or liquidation process and participating in victim communities to navigate the situation effectively.
2022-12-22 블록미디어(BLOCKMEDIA)
