Novamind First Rug Pull Token Dump

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Novomind Logo/Banner Montage

A well-established project with a website dating back to 2021, Novamind promised cutting edge artificial intelligence which would solve a myriad of use cases and was already widely deployed. Their claims were impressive, including mentions of satellite networks. The Novamind token could be purchased through Uniswap during their April 2024 launch. Purchasers were rewarded with the team selling 30,000,000 NMD tokens to drain all liquidity from the uniswap smart contract, followed by the team minting millions more to drain a second time a week later. Most references to the original website and whitepaper appear to have disappeared.

About Novamind

"AI On-Chain Oracle Network"

"The first AI machine learning powered crypto and fin technology."

"Nova is used by hundreds of users like you can fire up the nmd port which is already live and this is the telegram by the way while you can simply go to their dashboard to see what the pools are doing or if there are any bus in the town or not right now."

"Cutting-edge aggregration, reporting, and analytics of thousands of on & off-chain data points."

"Proprietary AI + machine learning model driven collection + delivery tool"

"Scrape thousands of on- & off-chain raw data sources for user consumption"

"Predictive modelling leverages bespoke models to predict trends and movements based on historical and real-time inputs."

"4-Oracle Network comprosing of: Sentiment & Research reporting, Predictive analytics, & automation"

"All on-chain for data immutability and validation"

"They have cutting edge organization reporting and analytics of thousands of on and offchain data points like as you can see they have huge features like Oracle network comprising of sentiment and research reporting like parp analytics and automation. Also, they have all all chain for data imitability and validation."

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 - Novamind First Rug Pull Token Dump

Date	Event	Description
December 11th, 2021 8:28:58 AM MST	Novaminds Website Content	The Novaminds website is still online and displaying content.
May 1st, 2024 11:34:45 AM MDT	Video About NovaMind	A video about Novamind is published on YouTube.
May 1st, 2024 8:09:11 PM MDT	Rug Pull Transaction	A large suspected rug pull transaction swaps 30,000,000 NMD from the team wallet for 23.529014779802329496 ETH via Uniswap.
May 8th, 2024 4:22:11 AM MDT	Another Large Sale	Another large sale transaction by the team selling 15,037,478.888888888888888888 NMD for an additional 1.153872729558152296 ETH.

Technical Details

First Sale: 0x96C5BA6BB2bF4679ddbdDAf23f61B71e4AC3c915 Interacted With (To):

0x3fC91A3afd70395Cd496C647d5a6CC9D4B2b7FAD (Uniswap: Universal Router)

Transfer 23.470192242852823673 ETH From Wrapped Ether To Uniswap: Universal Router

Transfer 23.470192242852823673 ETH From Uniswap: Universal Router To 0x96C5BA6B...e4AC3c915

Total Amount Lost

23.470192242852823673 ETH

~41 ETH (~$123k) was transferred to a multisig and the token price has dropped ~97%."

Team of this token has sold at least 24.683 ETH."

The total amount lost has been estimated at $70,000 USD.

Immediate Reactions

"NOVAMIND_ (NMD) on ETH is suspected of a rug pull. ~41 ETH (~$123k) was transferred to a multisig and the token price has dropped ~97%."

"Be aware of this token! Team of this token has sold at least 24.683 ETH."

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.