RichTheKid RichKids NFT Rug Pull
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Hip hop artist Rich the Kid launched his own NFT collection - "7,427 cartoon-styled, blockchain baby bad asses, that Plug Walks the trust fund lifestyle to the hood!" Unfortunately, after the project launched, it appears that he abandoned it and his promises to initial investors. The website is presently offline. Rich The Kid remains active on his Twitter account. It doesn't appear that any justice has been brought forth.
This is a global/international case not involving a specific country.[1][2][3][4][5][6][7][8]
About Rich The Kid
"By multi-platinum hip-hop artist, Rich the Kid, RICH KIDS is a collection of 7,427 cartoon-styled, blockchain baby bad asses, that Plug Walks the trust fund lifestyle to the hood!
Each RICH KID NFT sports a randomized collection of the dopest drip, the coldest ice, and an assortment of hood essentials - ranging from kicks, to fresh fades, whips, dracos and more!"
"RICH KIDS NFT holders, collectively known as “Trust Fund Babies”, will participate in one of a kind utility - which includes participation in our community Trust Fund, a DAO that awards community-selected perks to qualified collectors, ranging from free NFTs, to free crypto, to one of a kind experiences, luxury goods, and even a producer credit on a forthcoming track!"
We Going Crazy, and Splashin the market with this one of a kind NFT collection, that brings the boujee trust fund lifestyle to the hood!
"RICH KIDS NFT’s will be made available for purchase on the RichKids.io platform, at a cost of 0.09 ETH per item, on Sunday September 26th, 2021 @ 9pmEST."
"20% of RICH KIDS NFT’s (1,485) will be made available for pre-sale to qualified community members on Sunday September 26th, 2021 @ 3pmEST."
"One lucky pre-sale NFT collector will win a ROLEX Watch (valued at $15K), selected at random."
"The remaining 80% of inventory (5,939) is made available to the general public."
"Following sell-out on main sale, we will award one lucky NFT holders with a ROLEX Watch (total value, approx. $15K)"
"Following purchase, all RICH KIDS NFTs will remain hidden, locked away in the ‘State Playpen’ – a maximum security crib – with no burner phone, and no contact to the outside world. 48hrs after the conclusion of the main sale, the RICH KIDS finish their bid, and will be set free (spawn)."
"With the RICH KIDS now back on the block, check your rarity scores on Opensea."
"For each of the first 30-days following conclusion of the Main Sale, @richthekid will change his IG profile picture to a different RICH KID, every single day – with each NFT image selected by our community DAO!"
"10% of Sales Proceeds will be re-invested into the Trust Fund Babies community DAO and allocated to various crypto projects based on community consensus – with returns split evenly amongst RICH KIDS NFT holders."
"Once 187 ETH in secondary sales occurs, we will airdrop 187 RICH KIDS wallet holders an NFT featuring hand written lyrics to a Rich The Kid track, digitally signed in Black, Silver or Gold."
"Summer AbroadOnce we reach 1,000 ETH in secondary sales, we will award one lucky NFT holder with an all expenses trip for two to Europe for 14-days, including flights, hotel and spending money."
"Every month, top 1% holders are entered into a draw to receive luxury goods."
"Once 2,500 ETH in secondary sales occur, one lucky RICH KIDS NFT holder (selected based on criteria formulated via DAO consensus) will be chosen to receive a producer credit on a future Rich The Kid track. The winner will receive an all-expenses paid trip for them and a friend to attend a studio session, with a VIP Meet & Greet, and a special preview of the track that will forever bear their name (or Wallet ID!)."
"Once 4,000 ETH in secondary sales occurs, one lucky NFT Holder will win an official Rich the Kid, RICH KIDS Chain, valued at $100,000"
"Once 5,000 ETH in Secondary Sales occur, we will award one lucky NFT holder a brand new Maserati Ghibli."
"@richthekid did the same thing with his nft"
"What about that slimy POS @richthekid who made his own "nft project" then proceeded to abandon the entire thing before it even lifted off. Ripped off his own fans and investors and then gloated about it on social. People still follow this clown."
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
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- 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.
| Date | Event | Description |
|---|---|---|
| December 18th, 2021 9:18:00 AM MST | RichTheKid Sweeping Floor | RichTheKid announces that he's "sweeping the @richkidsNFT floor" with $50k from his "pocket". |
| December 22nd, 2021 5:40:00 AM MST | Challenging That | Twitter user Cuckoofern asks "@richthekid @Complex how u sweep the floor with 50 racks when floor price is 0" |
| January 8th, 2022 7:12:00 AM MST | Rug Is Pulled | "Not so rich @richkidsNFT records a record sale of a bundle of 8 of its rare NFTs for $0.97, a nice ‘accomplishment’ since their single NFTs nowadays go for zero. A sad end to this rug pull project after their team scammed investors for millions. Buyers beware!" |
| February 10th, 2022 2:20:00 PM MST | Zachxbt Post | Zachxbt posts about the rug pull in a post entitled "Rip The kids". |
| March 22nd, 2022 9:38:00 AM MDT | Zachxbt Request | Twitter user kyle_wile requests Zachxbt to look into the project and "@richthekid who made his own "nft project" then proceeded to abandon the entire thing before it even lifted off". The original analysis from Zackxbt is included in the response. |
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.
References
- ↑ @Pivot922 Twitter (Jan 13, 2023)
- ↑ @kyle_wile Twitter (Jan 13, 2023)
- ↑ @zachxbt Twitter (Jan 13, 2023)
- ↑ @zachxbt Twitter (Nov 24, 2023)
- ↑ Rich the kid NFT (Nov 24, 2023)
- ↑ @richthekid Twitter (Nov 24, 2023)
- ↑ @SearchDecoder Twitter (Nov 24, 2023)
- ↑ @SearchDecoder Twitter (Nov 24, 2023)