IPX Faces Rug-Pull Claims as NFT Partner CRIPCO Goes Dark

IPX, the digital IP unit of South Korean tech giant Naver formerly known as Line Friends, is facing severe backlash after its NFT issuance partner CRIPCO abruptly shut down its community channels and went silent. The move has triggered widespread rug-pull allegations from investors who watched floor prices for flagship collections collapse by up to 95%.

The crisis escalated on May 29, 2026, when CRIPCO unilaterally deleted its official Discord server, the primary communication hub for its NFT holders. Before pulling the plug, the project claimed it was migrating its community to the Creditcoin blockchain ecosystem. However, Oh Tae-rim, CEO of Creditcoin developer Gluwa, quickly denied any connection to CRIPCO, leaving investors with a textbook exit scam scenario.

IPX entered the Web3 space in 2022, leveraging its popular character IPs like Wade and OOZ through CRIPCO. The company heavily marketed these projects, even teasing a high-profile collaboration with G-Dragon’s fashion label Peaceminusone. Investors were promised staking rewards, exclusive merchandise, and offline events. Instead, buyers report receiving nothing more than a T-shirt and a storybook.

The market reaction has been brutal. The floor price of Wadeside, the flagship collection, has plummeted 95% to 0.0295 ETH (around $58) from its initial auction price of 0.34 ETH ($1,087 at the time). OOZ has suffered an even worse fate, with its floor price dumping to a near-worthless 0.0008 ETH from its 2024 levels of 0.033 ETH.

With communication channels deleted and partners distancing themselves, the focus now shifts to whether IPX will step in to salvage its brand reputation or face legal action from disgruntled holders. Traders should monitor whether IPX issues an official statement regarding its liability in the CRIPCO partnership, as any prolonged silence will likely cement these assets as dead projects.