Surf Shark Society | What Happened in the Aftermath?

With the Filipino-made NFT project Surf Shark Society (SSS) biting the dust, there has been a lot of buzz on social media about the project’s fate. Especially considering that thousands of people have placed their trust in the much-hyped project.

Here’s what has happened thus far in the past few days since the rugpull happened.

Timeline Following the Surf Shark Society Rugpull

Surf Shark Society NFT. Image Source: Surf Shark Society Instagram.

Friday, March 4

The people behind SSS have announced on Discord that they are claiming responsibility for the funds lost from the rugpull, estimated above $200,000.

They have also claimed to take the following steps:

Report the incident to the NBI’s Cybercrime Division in the Philippines. For our international readers out there, the NBI is the primary investigating agency in the country.
Use the funds from the presale mint and money from their own pockets to refund holders who were affected by the rugpull

They have also released the following key statement regarding the situation:

“We would like to ask for your understanding regarding our situation. We are also shocked and devastated as to what happened. We do not have any intention to hurt anyone but we commit to refund all the holders in due time. We already sought help from law enforcement authorities. Please give us time to make amends. We apologize to everyone who got involved with our circumstances. We are not affiliated with any of the partners and influencers in the past.”

The above statement is a clear commitment to the holders of said SSS NFTs.

Saturday, March 5

There were two major updates regarding the refund.

Holders who are just about to receive their refunds should not list their NFTs on the secondary market, as it would just benefit the developer who allegedly pulled off the rugpull.
The owners did not have any more funds in their wallets. Thus, refunds would continue on Monday (Sunday was a bank holiday).

Sunday, March 6

There were no new announcements, though one of the developers have stated the following on Discord:

“Refunds here work from the highest number shark to lowest (sic). Not every shark was refunded yet due to the inactivity of banks on weekends. We will resume tomorrow if it cannot be done today. Please refrain from side comments and only type here what’s relevant.”

Based on the available logs, it seems that over 200 players have been able to receive their refunds on their respective wallets, with multiple screenshots to back up the resolution of their respective claims.

Finally, when one of the members of the project’s Discord asked whether there was any way the project could continue in the foreseeable future, the answer was simple.

“No.”

Monday, March 7

After withdrawing around $76,600 (~944 SOL) from the bank and another round of consultations with their lawyers, the people behind SSS have continued their refunds

Takeaways

Here are the main things that we could glean from these developments:

The project owners have shown effort towards refunding their user base. The server admins have been responsive, and the owners’ hands-on approach over the past few days is notable.
It seems they are doing everything they can as far as the refund is concerned, including the use of personal funds.
The owners are also trying to find a legal way to hold the developer to account.

We here at P2E News hope that it all comes to a favorable resolution for everyone involved in this crisis.

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