Hype, Raise Funds, Rug, Repeat.

Say it with me. Hype, raise funds, rug, repeat. Hype, raise funds, rug, repeat. Ok, I'm done lol.

Watch your step!

It almost feels like walking in a mine field navigating the crypto and NFT space. You're constantly having to watch your back, look out for scammers, and avoid phishing attempts. Of course, the same thing could be said for pretty much just living because there's a hell of a lot of scammers out there. How many scam calls do you get per day? Exactly.

People that are against cryptocurrency often use the rampant scams to shine a bad light on the whole space to prove they're right. You don't see people getting scammed with their USD or local currency then saying the currency is bad. They just got scammed, and that sucks. It happens all day every day to all kinds of people, especially the elderly or vulnerable.

My point is, scams are everywhere and you should be cautious with anything dealing with finances. You should be especially skeptical when the same people are doing it over and over again, like cough Justin Sun cough. Or this guy JK on Twitter that used a DAO to raise funds then rug pulled.

Check out this Twitter thread by zachxbt for the juicy details and comments. Basically, this influencer launched a DAO (decentralized autonomous organization) called JKDAO that people could join by purchasing a membership NFT. By purchasing this NFT known as a JK Keycard investors could vote on how the DAO's assets are managed.

The DAO was supposed to launch a multi-sig wallet with 5-8 people to hold the keys and that would guarantee the security of the DAO's assets. They were going to create a fractionalized token for the DAO's assets that investors could earn daily by staking their KeyCard NFTs. They promised tons of utility for the NFTs and the fractionalized DAO tokens. but none of that ever came to be. Every single one of the 100+ ETH that were raised from the sale of NFTs were siphoned out to Tornado Cash instead of buying a Boared Ape Yacht Club NFT like the community voted on. Classic rug pull.

What's really mind blowing with this rug pull is that it was all done via a publicly available ENS name jkdao.eth. This links the rug pull straight back to him. What an idiot. Someone call the regulators. After the project siphoned all of the $300,000 worth of ETH out, the Twitter and Discord server went dark.

He even tried to say that the rug pull was just a rumor but... He's directly linked to the ETH address, which is public so... Yeah. Anyway - he's back with yet another project! Like nothing ever happened with the last one. This is how short the attention span of people on the internet is. If it happened 3 months ago, that's like 15 years ago and it's all good. It never happened. Except for one thing... The blockchain doesn't lie.

If you read that tweet and your bullshit rug pull radar didn't start flashing, I recommend taking a good hard look at yourself. The reason people like this succeed is people are greedy and they let the greed blind them from the truth. This guy rug pulled $300,000 from a supposed DAO without delivering on one single one of the promises. Now he wants people to mint his generated profile pic NFTs.

The sad part is... People are going to give this guy money. Again. I just wonder how much he will make off this next grift before he goes ghost again. The same thing is going to happen, dawg. Sorry to say.

Say it with me.