A Filipino NFT dev team went under fire in the past few days due to their Surf Shark Society collection, with many saying that it was all a shameless scam. There was a lot of hype behind this project which explains the massive disappointment when buyers realized they were rugged. What do we know as of now?
The Surf Shark Society NFT collection garnered a huge following from its announcement all the way before mint. There was a solid roadmap, an active buzzing community, the devs used their actual pictures (making them easy to dox if something happened), and there was even an official song up on Spotify and ITunes. The fanbase had ballooned to 15,000 members on Discord by the start of February, with many Pinoys wanting to support and succeed with their kababayans.
The pre-sale mint went up without a hitch and even the public mint was hugely successful. 3,333 unique shark NFTs were minted at 1.2 SOL (around Php 5,100) each. All of a sudden, the community went into a panicked frenzy when their assets rapidly disappeared.
This isn’t the first time a rug pull has ever happened – this type of thing happens more often than we think. However, it doesn’t make it any easier for those who invested their hard-earned money into this project.
Many exasperated users took to social media to air out their frustration to the devs. Some even threatened to report them to the NBI, and we ran into death threats as well. It definitely wasn’t the brightest day for the local crypto NFT scene.
There are even screenshots of a story one of the devs posted on Instagram showing off his new Mercedes Benz. While there are no guarantees that the photo wasn’t doctored or taken from an earlier post, public outrage defied logic in this scenario.
They finally posted on Twitter a few hours later to address the issues. According to their statement, the blockchain developer ran away with the public treasury shortly after mint leaving them with virtually nothing. This was followed up with a promise of a complete refund, which was met with a strange mix of doubt and gratefulness.
If they were telling the truth, then the collection’s founders would be shelling out millions of their own money to generate sources for the refund project. That’s a steep price to pay for young developers, but it’s an investment for the future of their reputation.
Updates posted most recently indicate that some people have already been compensated for their losses. We’ll keep you posted on any news we receive regarding what many call the Surf Shark Society scam.