Solana Towers NFT Rug Pull

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Solana Towers NFT From Website

Solana Towers was a new NFT project launched in October 2021, which made many big promises and appears that they failed to deliver. Investors reportedly gave $282k worth of Solana to the project. The website and Twitter are both online. Some other projects gave free NFTs to the victims. It's not clear if any investigation are underway into the team.

This is a global/international case not involving a specific country.[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26]

About Solana Towers

"The first Utility NFT Solana Towers Breaching the gap between metaverse and NFTs"

"Solana Towers is the first Utility NFT that generates recurring revenue for the holders by investing in metaverse real estate."

"We aim to be the first investors in the metaverse real estate industry and acquire and develop exclusive locations in Decentraland/Sandbox.

This project is a venture membership, which will enable everyone to be part of the ST Club and receive royalties, make decisions and take ownership of their space.

The metaverse is an incredible place and being at the forefront of the revolution, will allow us to play a leading role in shaping the future."

"This project is a venture membership, which will enable everyone to be part of the ST Club and receive royalties, make decisions and take ownership of their space.

The metaverse is an incredible place and being at the forefront of the revolution, will allow us to play a leading role in shaping the future."

"Inital NFT offering for early investors. Each investor will receive a special NFT that will grant access to the HQ of Solana Towers

Each NFT will have access to their own space and will receive revenue from the building but also will receive revenue from all subsequent buildings"

"Acquisition of Decentraland/Sandbox plot. Start of revenue sharing airdrops. Suddivision of spaces and creation of the metaverse building.

Creation of the Metaverse assets, design and building of the metaverse world spaces. Collaborations with SOLANA Blue Chip projects, setup public galleries in the public floors, and booking events in the penthouse floors."

"Beginning of development of Real Estate Management Platform for Metaverse Spaces (REMPMS). Enable the token holders to customize, manage, merge and upgrade their spaces.

Enabling multiple revenue flows for the token holders. Community created assets will be available for use and revenue will be split among NFT holders"

"Metaverse Investment Fund setup for each holder to invest in the metaverse world.

The Solana Towers Venture Fund will be the first VC DAO in the metaverse, allowing every holder to stake their tokens and invest in other the metaverse RE, NFTs projects and other Defi projects"

"I was rugged for 22 SOL by BallerApeClub and another 2 from SolanaTowers."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

  • Known history of when and how the service was started.
  • What problems does the company or service claim to solve?
  • What marketing materials were used by the firm or business?
  • Audits performed, and excerpts that may have been included.
  • Business registration documents shown (fake or legitimate).
  • How were people recruited to participate?
  • Public warnings and announcements prior to the event.

Don't Include:

  • Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
  • Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

  • When the service was actually started (if different than the "official story").
  • Who actually ran a service and their own personal history.
  • How the service was structured behind the scenes. (For example, there was no "trading bot".)
  • Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - Solana Towers NFT Rug Pull
Date Event Description
October 6th, 2021 12:37:00 PM MDT Rug Reported A rug pull of the project is reported on Twitter.
October 9th, 2021 10:23:00 AM MDT Drops For Victims ItsJayFlowyo reports a "Massive shoutout to @SolDogesNFT for hooking me up with this badass after the solanatowers rug. A good reminder that for every scumbag, there are solid people and teams helping the community WAGMI!"

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost has been estimated at $282,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.

References

  1. ↑ @irblack Twitter (Jan 13, 2023)
  2. ↑ Worldwide crypto & NFT rug pulls and scams tracker - Comparitech (Dec 15, 2022)
  3. ↑ https://nftcalendar.io/event/solana-towers-mint/ (Nov 24, 2023)
  4. ↑ https://web.archive.org/web/20211225135204/https://solanatowers.com/ (Nov 24, 2023)
  5. ↑ @TheVsCrypto Twitter (Nov 24, 2023)
  6. ↑ @Beffrey_Jezos_1 Twitter (Nov 24, 2023)
  7. ↑ @oka_crypto Twitter (Nov 24, 2023)
  8. ↑ @oka_crypto Twitter (Nov 24, 2023)
  9. ↑ @ImRektJamesToo Twitter (Nov 24, 2023)
  10. ↑ @ItsJayFlowyo Twitter (Nov 24, 2023)
  11. ↑ @SOLBigBrain Twitter (Nov 24, 2023)
  12. ↑ @NFTWhitelistSer Twitter (Nov 24, 2023)
  13. ↑ @AmfibiusMusic Twitter (Nov 24, 2023)
  14. ↑ @nftsolana_io Twitter (Nov 24, 2023)
  15. ↑ @streetleitzph Twitter (Nov 24, 2023)
  16. ↑ @nft_who Twitter (Nov 24, 2023)
  17. ↑ @JG3693 Twitter (Nov 24, 2023)
  18. ↑ @PixacottaArmy Twitter (Nov 24, 2023)
  19. ↑ @0xKrish_ Twitter (Nov 24, 2023)
  20. ↑ @JG3693 Twitter (Nov 24, 2023)
  21. ↑ @1omcawte Twitter (Nov 24, 2023)
  22. ↑ @ThunderbirdSOL Twitter (Nov 24, 2023)
  23. ↑ @solnftradar Twitter (Nov 24, 2023)
  24. ↑ @search Twitter (Nov 24, 2023)
  25. ↑ Solana Towers | Discord, Ways to communicate, Messages (Nov 24, 2023)
  26. ↑ @solanatowers Twitter (Nov 24, 2023)
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