Bored Bunny is an NFT venture, which was launched on January 5. It raised over 2,000ETH in the first hour of its launch. Nevertheless, all the raised ETH has been spent and over 800 ETH have been transferred to Binance. Additionally, all Discord channels have been shut down by the venture, and its ground value is now at 90.59 ETH.

This is the second NFT scam in less that a week. It raises concerns within the NFT community. Previously most of the scams were linked to the Defi Market, however, there have been a number of fraudulent schemes in the NFT community.

Alexis Ohanian was Twitch founder. His NFT platform Fractal, which is used by Twitch users to make Discord breaches, suffered a $150K loss when a supervisor of hacker operations took over the site. An official discord bot pretending to be a fractal bot forced people to make 3333 NFTS per 1 and nearly $600,000.

You can also read: OpenSea NFT trading volume soars while the Bored Ape’s Hype intensifies

Non-fungible tokens, which have been part of cryptocurrency’s ecosystem since 2012, are now accepted by most users. However, 2021 was the year that they really took off. NFT is now a multibillion-dollar business. Several contemporary NFT collections claim floor prices as high as $4 million. They can also be a magnet for fraudsters, just as they have been in recent cases involving cryptocurrency.

A similar breach in 2020 by Defi was also linked to 75% the frauds of 2021 totalling billions. NFT frauds are on the rise, as is hacking. According to current data, NFT’s largest public sale platform sees $3 billion per month in trading volume. The agency also secured more than $300 million in Series C investments, which valued it at over $13 billion. This makes it one of the best NFT companies and unicorns at the moment. OpenSea’s valuation demonstrates the rapid progress of NFT technology.

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