Be Aware of the Top 6 Crypto and NFT Projects That Were Total Scams (Latest Update March 2022)

Scammers are everywhere in the crypto and NFT projects and marketplace. Investors lost around $1.7 million to scammers in just this year’s March, with project founders taking all liquidity in a given project. To be clear, these are not exploited crypto and NFT projects. There were plenty of hacks in March, including the largest in history the Ronin Network was hacked for $625 million.

These are crypto and NFT projects that were outright scams from the start, with the creators stealing a large sum of money from naïve investors. According to the research, scammers stole less money last month than they did in January ($4 million) and February ($8.5 million), but $1.7 million is still a huge sum of money to lose.

Let’s check out what are the 6 crypto and NFT Projects that were total scams in this article so that you can stay alert!

Top 6 Crypto and NFT Projects Are Scams

Real Swak ($580,000)

According to crypto security firm Peck Shield, the scammers behind Real Swak stole over 1,300 BNB worth approximately $580,000 in total. Investors had no option to collect their funds.

Real Swak’s website has been taken down. A Wayback Machine archived version of the site exposes dozens of new ridiculous claims, including that Marvel and Disney were engaged in the project. Marvel and Disney were not involved in the project

Serval Finance ($500,000)

Serval Finance, a Cronos blockchain project operated by Mad Meerkat Finance, turned out to be a scam, with at least one engineer stealing $500,000 in cryptocurrency.

MM Finance said on Medium that a “developer within the team went rogue, and stole funds.” And, while the anonymous persons behind MM claim that some of the funds have been restored to those who have lost money, we at Gizmodo are unable to independently check this.

The Rug Pull has been witnessed by an investor of Serval Finance Community recorded and tweeted it

https://twitter.com/UnapologeticRBL/status/1508307891362668546

BuccaneerFi ($352,500)

According to crypto security firm Peck Shield, the scammers behind Buccaneer Finance, also known as BuccaneerFi, made off with approximately 841 BNB valued at approximately $352,500. While the project’s Twitter, Telegram, and website have all been deleted, an archived version of the website may still be found on the Internet Archive.

“Buccaneer Finance is built on an open sourced and fully audited contract,” according to the website. But the best quote from the website might be the ludicrous claim that Buccaneer’s coin was completely tax free, something that can only be decided by a government.

“The team decided to develop Buccanner Finance into a tax-free product. The best product is a zero-tax product, we don’t want high taxes to be a burden for investors,” the website said.

The scammers transferred their stolen funds to TornadoCash, one of the platforms used to launder cryptocurrency, making it more difficult to identify where the stolen money ends up. And, while $300,000 isn’t much in comparison to many of the other hacks that have taken this month, a lower-profile stolen may be easier to be forgot in the middle of negative crypto headlines.

DollarDoge ($191,500)

Dollar Doge used all the right buzzwords to lure people into investing in this colorful project. Doge, the joke cryptocurrency that rocketed to a respectable coin in recent years, was a no brainer. But adding the word “dollar” when a one-dollar price point is the dream of people who hold doge crypto? That part was genius.

Of course, it was all a scam though. Even with the play-to-earn promise that you could make money through an online game. Despite the website claiming you could even download the game on Google Play and Apple’s App Store, it’s not available on those platforms. It’s not available anywhere, in fact.

The scammer who developed DollarDoge were able to take off with 513 BNB, according to Peck Shield, worth about $191,500 converting to U.S. currency. The Twitter account is still up but nobody has tweeted from the account since March 1. Probably because it was a scam.

God Z Ape ($68,000)

When God Z Ape launched, it promised to offer NFT “collectibles” that would go up in value. But that was a lie. God Z Ape was a rip-off collection piggybacking off the most popular NFT project of all time, the Bored Ape Yacht Club. Plenty of people recognized it was a scam early on, called it out, and were banned from the project’s Discord, according to multiple Twitter users.

The scammers behind God Z Ape were able to stole about 20 ether, worth about $68,000 in real money. The account was tied to another rugpull called WWW Apes, according to Peck Shield, though it’s not clear how much the scammers cleared on that project. The Twitter accounts for both scams are gone for good

Battle Cats Arena ($55,000)

Battle Cats Arena was an NFT project that promised to one day release a game in which you could play as your fancy, savage feline avatar. To kitten lovers, the project was catnip. Unfortunately, it was also a rugpull.

The Battle Cats Arena Twitter account has been deleted, and the scammers behind this project have gotten away with roughly $US55,000 ($76,351), according to the site Web3IsGoingJustGreat.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

KAZ

Coincu Ventures