  The explosive growth of non-fungible tokens (NFTs) on Web3 has created a new
frontier for digital art and collectibles, but also an emerging space for
fraudulent activities. This study provides an in-depth analysis of NFT rug
pulls, which are fraudulent schemes aimed at stealing investors' funds. Using
data from 758 rug pulls across 10 NFT marketplaces, we examine the structural
and behavioral properties of these schemes, identify the characteristics and
motivations of rug-pullers, and classify NFT projects into groups based on
creators' association with their accounts. Our findings reveal that repeated
rug pulls account for a significant proportion of the rise in NFT-related
cryptocurrency crimes, with one NFT collection attempting 37 rug pulls within
three months. Additionally, we identify the largest group of creators
influencing the majority of rug pulls, and demonstrate the connection between
rug-pullers of different NFT projects through the use of the same wallets to
store and move money. Our study contributes to the understanding of NFT market
risks and provides insights for designing preventative strategies to mitigate
future losses.
