$138 000 USD

SEPTEMBER 2021

GLOBAL

ICONICSSOL

DESCRIPTION OF EVENTS

"I do my best to talk to teams as much as I can before I post about them. They seemed genuine, account had been growing a following organically. Artwork was unique." "Chat on Twitter. Talked to him twice, he wasn't pushy getting me to post about them & thanked me for RTing their giveaway."

 

"They had been in discords for a month building a good story."

 

"Goodmorning Iconic community We want to announce mint day Mint-9/30 10am est Price- 0.5 Sol Website will be posted in discord Also will be one last giveaway to discord members 1️ Follow & retweet 2️ Tag 2 friends 3️ Follow discord Winner will be picked Wednesday"

 

"As part of a pre-sale, 2,000 Iconic NFTs were launched on September 30, at 0.5 SOL apiece. The collection was quickly bought by NFT enthusiasts who had early access to the sale."

 

"A user called ‘FreeCartel’ noted that the creators of the project were a father and son duo and that “ICONICS had all of the right signs of a good project“, further compounding the frustration felt by the community."

 

"From my personal experience, there was one person to contact, and said individual was always very distant/aloof."

 

"no website and the announcement before the mint “guys we’re gonna put more rares for you”"

 

"A red flag for me was the number of unique "mints" in such a short time with no team just a "father and son". I'm a 3d artist and I know how long modeling takes not including rendering."

 

"one of my red flags in locking chat...that always sets me back for some reason"

 

"Only that they mentioned in the discord they recommended turning auto approve on so you could mint up to 5 at once. sad thing is, I’d still be dumb enough to fall for this at least 45/100 times, and I think even then I’m giving myself too much credit"

 

"I got scammed on that too, but i have to say i saw many red flags. - Not posting any site - Asking user to enable "auto-approve" as a HUGE one Unfortunately the hype caught me..."

 

"FreeCartel also listed a number of points that indicated the project was possible a scam, including using an “on.fleek” domain to mint the NFTs, no community management and the use of auto-approved transactions.

 

To add insult to injury, the creators had also said they reveal their identities after the minting process in a Discord faq."

 

"[U]sers submitted 0.5 SOL over a period of three minutes before the website refreshed with a sold out message. The NFT mint website launched by IconicsSOL was mini-guys[.]on[.]fleek[.]co, suggesting that IconicsSol was actually a rebrand of the Mini Guys NFT."

 

"Iconics had promised to produce 8,000 NFTs in the form of randomised 3D artworks of busts with a range of attributes. The project was due to launch on September 30, with 2,000 NFTs available for 0.5 SOL to those who had early access via a presale."

 

"The 2,000 presale NFTs sold out quickly, and users waited eagerly for the reveal to see what they minted. Instead, minters who got early access through the presale received an NFT featuring 20 random emojis and quickly took to Twitter to express their frustration at apparently being duped."

 

"Iconics, an NFT project on Solana, has been accused of a “rugpull” and scamming people. In the crypto world, a rugpull occurs when someone defrauds investors by not delivering a project and then absconds with all the money. Reportedly, the 17-year-old artist behind Iconics raked in around $140,000 before disappearing."

 

"Iconics was supposed to deliver 8,000 NFTs featuring randomized 3D artworks. However, after the mint on September 30, investors received a random collection of emojis instead of the artwork. Following the Iconics NFT rugpull scam, many buyers took to Twitter to share their ordeal."

 

"A 17-year old was able to pull off a $138,000 rug pull when he got buyers to purchase 8,000 NFTs focused on “quality art.” The art promised was supposed to be 3D renders of figurines, but when buyers were delivered their pieces, they got emojis instead. Once the NFTs were delivered, the Discord was shut down, and the Twitter account was deleted."

 

"My cousins and I got scammed this week by Iconic and BallerApeClub. I barely have any faith anymore in NFT projects, since I just started in this community. I hope there will be a donation project for everyone who got scammed. Let's do this as a community."

 

"The project developers also deleted Iconics’ Twitter account and disabled the Discord channel chat. Additionally, there have been no updates on the channel since the pre-sale."

 

"@SOLBigBrain was first to break news of the scam on Twitter, announcing that the scammers may have collected over 1,000 SOL by minting as many as 2,000 NFTs — worth approximately $156,000 USD at the time of this publication. Shortly after the IconicsSOL scam was uncovered, as many as ten different Solana NFT projects offered to provide free NFTs to victims of the rug pull."

Iconics, an NFT project on Solana, is accused of conducting a "rug pull" scam, where investors are defrauded as the creators disappear with the funds. The project, supposedly delivering 8,000 NFTs featuring randomized 3D artworks, sold 2,000 presale NFTs at 0.5 SOL each. However, investors received an NFT with random emojis instead of the promised artwork. The 17-year-old artist reportedly behind Iconics collected around $140,000 before vanishing. The Discord channel and Twitter account were deleted, leaving frustrated buyers to share their experiences on social media. Multiple Solana NFT projects offered free NFTs to the victims after the scam was exposed.

Sources And Further Reading

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