Balloonsville Admit to Being A Rugpull, Then Blame Magic Eden

Yesterday was a nightmare for Balloonsville NFT holders as the collection turned out to be a rug.
Shamelessly, the official account accepted how it was a rug via a tweet. Obviously, after which they deleted their account.

Ballo0nsville last tweet before deleting the account.

In a series of tweets, Balloonsville’s account wrote about how Magic Eden which is a solana’s marketplace, didn’t even bother to verify the team’s ID. Not only this, the team also wasn’t provided with any proof of concept according to Solana’s protocols.

Balloonsville last tweets blaming Magic Eden

These announcements infuriated the NFT community, putting Solana in a difficult position.

What is the Balloonsville NFT collection?

An NFT collection of 5000 items, the NFT series was a successful drop. Allegedly, the project made more than 17890 SOL ( $2M) before the rug. Meanwhile, the average sale price of NFT was around 1.88 SOL.

How will the collectors recover?

Magic Eden decided it’s course of action regarding the recent Rugpull. They made the following announcements via Twitter :

1) Derug of Ballons/NFTs

2) Refund minters who sold below the floor price

3) Offer an option for refund to holders

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All investment/financial opinions expressed by are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investments.

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