Investors in the recently launched NFT profile photography project Evolved Apes have been shaken by the disappearance of the project’s anonymous developer.
The developer, known by the nickname “Evil Ape,” reportedly disappeared with 798 Ether (ETH) in the project’s reserves, worth more than $ 2.7 million.
The stolen money included Ether both from the initial NFT creation process and from NFT’s second sale on the OpenSea marketplace.
Evolved Apes, one of the most popular NFT projects of recent times, sold its 10,000 NFT collection in 10 minutes and saw the base price rise rapidly after the sale.
However, the project’s OpenSea showcase reveals that the base price is currently 0.005 ETH, which is much lower than the starting price. There is no doubt that this scandal that shook the project was also one of the reasons for the drop in prices.
Evil Ape allegedly shut down Evolved Apes’ Twitter account and website, in addition to diverting project funds.
Evil Ape and the project developers had promised to launch a blockchain fighting game ahead of the scandal in question.
Can the tough apes of #Evolvedapes do you get a little love too? It sure was a bad week for the apes #ballerapeclub! We have a new community of volunteers coming together to #fightbackapes and you can use any support or experience https://t.co/pHW23nlbbi
– Fight the apes (@FightbackApes) October 4, 2021
Some members of the community came together to continue the development of the project under the name “Fight Back Apes”.
The formation behind the new group has announced that they want to create a more community-centric operating model for the project in order to prevent the Evil Ape scandal from happening again.
Since Evil Ape still receives royalties of 4 percent from second sales, it is planned to create a new project in which new NFTs will be shipped over the air to existing NFT holders.