The first story showed us how fast things can fall apart in Web3. But this one? This one hits differently. Because Evolved Apes played out like a textbook rug pull - the kind people now point to when explaining how these scams actually work. It had everything: hype, momentum, money pouring in. And just enough credibility to make people believe they were early... not exposed.
Thatâs what makes this story worth a closer look. Because if you strip away the noise, the memes, and the chaos that followed â youâll see something much more valuable: The exact warning signs that were there long before.
What Was Evolved Apes NFT?
Evolved Apes was a collection of 10,000 NFTs minted on the Ethereum blockchain back in 2021 - right in the middle of the NFT boom. But this wasnât supposed to be âjust another collection.â The project promised something bigger: a fighting game where the NFTs would actually be used, rewards in ETH, a growing ecosystem built around the collection. In other words: utility, gameplay, future. And at that moment in time, that combination was more than enough to ignite hype. The mint sold out. The community grew. The money started flowing. Everything looked⊠right.
How the Evolved Apes Rug Pull Happened
Behind the project was a developer known only (nomen omen) as âEvil Ape.â No public identity. No verified background. Just a name and a vision. After the mint, the project treasury accumulated around 798 ETH - roughly $2.7 million at the time. Those funds were supposed to go toward development, marketing, and rewards but...they didnât. Instead: the funds were transferred out, communication stopped, the creator disappeared. No updates. No game. No roadmap... just silence. And a blockchain record showing exactly what happened. This wasnât a failed project. This was an exit.
Key Red Flags Investors Missed
Looking back, the warning signs werenât subtle. They were just⊠ignored. Anonymous founder with no track record. In Web3, anonymity isnât unusual. But anonymity without any reputation or history should always raise questions. Here, it didnât. No real proof of game development. The project heavily promoted a future fighting game. But there was: no gameplay footage, no demo, no visible dev team, no technical progress. Just promises. No transparency around funds All the ETH from the mint was effectively controlled by a single entity. No multisig. No treasury structure. No safeguards. Which meant one thing: one person could walk away with everything. Early operational issues Before the rug pull, there were already cracks: unpaid contributors, missing rewards, inconsistent communication. Small issues, but together they painted a bigger picture.
Hype over substance
The project grew fast. But what fueled that growth wasnât delivery. It was expectation. And expectation is easy to sell⊠until reality shows up.
Who Was Behind the Scam?
For a long time, âEvil Apeâ was just a name. But the story didnât end there. In 2024, authorities in the United States charged three individuals from the UK in connection with the scam. Interestingly, charges were only brought nearly three years after the original rug pull. MOHAMED AMINE ATCHĂ, MOHAMED RILAZ WALEEDH and DOD HASSAN, British citizens, were accused of fraud anmoney laundering According to investigators, the project was built on misleading promises from the start, and investor funds were redirected for personal use. Each of the charges carries serious legal consequences - including potential prison time. So for once, this wasnât just a rug pull that disappeared into the void. There were real-world consequences.
What Can We Learn From Evolved Apes?
This story isnât really about monkeys. Or NFTs. Itâs about how easy it is to confuse momentum with legitimacy. Evolved Apes had everything people look for: strong mint, active community, big promises. And yet, it failed in the one place that matters most: trust.
Evolved Apes didnât just take millions of dollars. It left behind a blueprint. A reminder that in Web3, the biggest risk isnât volatility but believing in something that hasnât earned it yet. Because at the end of the day youâre not just buying an NFT. Youâre buying into people. And thatâs where things can go very rightâŠor very wrong.
I don't think much has changed since then. I still see a lot of projects in this space that are focused on rug pul. It's obvious at first glance. And yet, people rush there, invest, and wait for their investment to miraculously multiply. And then they get disillusioned and say, "crypto is bad."
I read it with pleasure :)
Yes. Unfortunately, people often buy into the hype. I got carried away a few times myself hahaha. Fortunately, the losses were minor.