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Zachbxt, a well-known blockchain detective, has provided details concerning a probable rug pull on the Bored Bunny NFT collection, which resulted in a $20.7 million loss.
The project, according to Zachbxt, is a clear rug pull. His investigations reveal that the group behind it has previously been involved in dodgy NFT initiatives.
However, the first two, Ancient Cats Club and Crazy Camel, pale in comparison. Slavi Kutchoukov, Amir Adjaouti, and Remy Goma were the three primary people behind the initiative, according to the research.
In December 2021, the Bored Bunny NFT was introduced, promising a lot. It’s a pfp project, according to the developers, with 4999 NFT and a mint price of 0.4 ETH. Floyd Mayweather, Jake Paul, David Dobrik, DJ Khaled, French Montana, and Chantel Jeffries were among the celebrities who helped promote the project.
The project debuted with a lot of promises and sold out in a matter of hours, netting the team 2000 ETH from initial sales alone. However, further investigation of the project by the Twitter user bax1337 revealed evidence of insider trading.
Bax, who works for Convex Labs, revealed that the Celeb/Influencer NFTs were purchased by a developer wallet before the actual reveal. Following the success of the first mint, the team released the Bored Bad Bunny NFT collection.
In December 2021, the Bored Bunny NFT was introduced, promising a lot. It’s a pfp project, according to the developers, with 4999 NFT and a mint price of 0.4 ETH. Floyd Mayweather, Jake Paul, David Dobrik, DJ Khaled, French Montana, and Chantel Jeffries were among the celebrities who helped promote the project.
The project debuted with a lot of promises and sold out in a matter of hours, netting the team 2000 ETH from initial sales alone. However, further investigation of the project by the Twitter user bax1337 revealed evidence of insider trading.
Bax, who works for Convex Labs, revealed that the Celeb/Influencer NFTs were purchased by a developer wallet before the actual reveal. Following the success of the first mint, the team released the Bored Bad Bunny NFT collection.
The crew is currently requesting that the project be handed over to a Discord Moderator, however the project’s floor price on OpenSea has dropped to 0.082 ETH.
According to Nansen data, one out of every three NFT collections becomes a “dead” project because to a lack of trading activity. Following the developer’s dubious practices, the Bored Bunny collection’s trading activity appears to have slowed.
The recent arrest of the masterminds of the Frosties NFT rug heist, on the other hand, has opened up a new frontier for investors seeking to recuperate their losses.
