Pixel Penguins: How an NFT Scammer Faked a Cancer Charity to Raise $117K

Jun 01, 2023

NFT Scam Alert!!!!!!!!!!

The NFT community is reeling from what can only be described as a punch to its collective gut on May 30.
After a consistent downturn of NFT art sales volume in recent months — followed by the sudden, frenzied rise of highly speculative crypto memecoins and Web3 figureheads asking their followers to send them money for no reason (and succeeding) — artists and collectors alike were left feeling particularly soured on the Web3.

Wang was referencing a Chinese pixel artist named Sarah. Known as hopeexist on Web3 Twitter, her work has been collected by some of the biggest names in the space, including Drift. Sarah had been battling lacrimal gland cancer, an illness that affects the eyes. To help raise funds to cover her medical bills, she created a 10K PFP NFT collection called Pixel Penguins in February 2023. With Wang and others drawing attention to the collection, Pixel Penguins quickly minted out.

Within a few hours, $117,000, along with Sarah’s Twitter profile, disappeared, with the funds moving out of the project’s contract and into new blockchain addresses. It was a rug-pull scam — and one of the longest cons in Web3 history.

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Source - https://nftnow.com/features/pixel-penguins-how-an-nft-scammer-faked-a-cancer-charity-to-raise-117k