Tragedy or rug-pull? Inside the collapse of a ‘charitable’ NFT project

Launched in November 2021, non-fungible token (NFT) marketplace Orica (ORI) held itself as an "ethical platform" benefitting artists, collectors, and charities alike. But less than two years later, the project’s founders have disappeared, and the marketplace’s user interface has gone offline.

All that remains are the project's charity efforts

Orica's charity initiatives, which included projects such as building a school in Uganda and aiding victims of human trafficking, have been found to be genuine. However, allegations from disgruntled users claim that the developers orchestrated a rug-pull, leaving investors empty-handed.

Co-founder breaks silence, denies allegations

After a year of silence, co-founder Danial Zey has spoken out, denying all allegations of fraud and claiming that the project was hacked. Zey insists that the project is still ongoing, despite the disappearance of the founders and the closure of the user interface.

The ICO and its aftermath

Orica conducted an initial coin offering (ICO) from August 14 to September 14, 2021, aiming to raise $3.1 million through the sale of its token, ORI. The ICO promised to allocate 50% of the total supply of ORI for NFT marketplace rewards, with the rest distributed to advisors, the team, and investors. However, the value of ORI plummeted from a peak of $3.638 per coin in August 2021 to $0.036 by October 2022, rendering the token worthless.

The project's communication channels are currently inactive, and investors are left questioning the fate of their investments.