Kung Fu Ape Rug Pull

Notice: This page is a freshly imported case study from the original repository. The original content was in a different format, and may not have relevant information for all sections. Please help restructure the content by moving information from the 'About' section to other sections, and add any missing information or sources you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.

Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!

Kung Fu Apes Website

Despite well-received artwork and a great back story, the Kung Fu Apes project reportedly bit off more than they could chew, promising the community a game, marketplace, and staking. When it became clear that they couldn't deliver, they proceeded to delete their social media and website for the project and disappear with all received funds. Some members of the community vowed to find the creators, however there is no indication any of that effort has been successful.

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

About Kung Fu Ape

"Kung Fu Apes is an exploration and celebration of kung fu and the rich history of its movies, characters, and actors. Hao, our amazing artist, has put their passion and love into creating a huge selection of traits that will craft your own unique Kung Fu Ape. Hao was inspired by all of his favorite kung fu movie classics from Kung Fu Hustle to Clan of the White Lotus, and influential actors like Bruce Lee, Liu Chia-hui, Jet-Li, Donnie Yen, and Jackie Chan.It has also been heavily inspired by Chinese aesthetic and artwork. Bold red and gold colors can be found throughout the collection and several backgrounds will use classic paintings from China's rich history of master painters and calligraphists."

"Kung Fu Ape masters have gathered on the blockchain to harness their qi to call on the Nine Dragons to help heal the world and bring about peace for all ape-kind. Kung Fu Apes is an exploration and celebration of kung fu and the rich history of its movies, characters, and actors."

"The utility of these apes is insane: a game, staking, token shop,...."

"My Kung Fu Ape looks better than that. It was also a rug but little was gained."

"Never been rugged by a coin-token before , only by one nft project on ethereum which is @kungfuapes o wait they deleted their account lol art is dope though"

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 - Kung Fu Ape Rug Pull

Date	Event	Description
January 29th, 2022 2:42:00 AM MST	Minting Live	Minting is reportedly "Live at 0.025 ETH".
January 29th, 2022 11:01:00 AM MST	Minting Until Tomorrow	"Still minting until reveal tomorrow morning at 9am PST".
January 30th, 2022 11:30:00 AM MST	Massive Minting	NFT Whale Alert lists the KungFuApes as number 5 for most mints with 249 apes minted in the past hour.
January 30th, 2022 11:37:00 AM MST	Massive Minting	It's reported that 311 Kung Fu Ape NFTs were minted within the past hour.
January 30th, 2022 12:30:00 PM MST	Massive Minting	NFT Whale Alert lists the KungFuApes as number 2 for most mints with 231 apes minted in the past hour.
January 30th, 2022 2:32:00 PM MST	Closing In 5 Hours	The minting reportedly closes in 5 hours.
January 31st, 2022 1:16:00 AM MST	Closing In A Few Hours	"Still a few hours left to mint @KungFuApes! Such a great looking collection."
February 11th, 2022 6:54:00 AM MST	Rug Pull Anger	Twitter user UchihaCrypto33 vows that "we are going to find out who you" are with a team member named Christopher Ballin.
February 17th, 2022 1:23:00 PM MST	Floor Price Blanked	The floor price appears to be blanked out ("---") on OpenSea, because it has "items listed at 0".
March 23rd, 2022 3:28:00 AM MDT	AlphaChill reports on the rug pull in a comment.

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 is unknown.

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.