A famous Blockchain detective has revealed on Twitter that there was a slow rug pull under the Bored Bunny NFT collection, which will lead to the possible loss of $20.7 million. The NFT collection launched in December 2021 and received a lot of attention, especially since it was promoted and supported by top celebrities. But following the accusations, the Bored Bunny NFT team has denied the rug pull, but the price floor has already dropped significantly.
Rug Pull Revealed by Famous Blockchain Investigator
Recently, Zachbxt, a Blockchain detective, revealed a slow rug pull that is happening under the Bored Bunny NFT collection. According to the investigator, this will lead to a possible loss of about $20.7 million.
The investigator stated that the NFT project is an evident rug pull, and the team has been involved in different shady NFT projects in the past. But, the projects they have worked on, including Crazy Camel and Ancient Cats Club, are not as large as the current one.
In the investigation, Zachbxt also found the three leading players behind the NFT project: Amir Adjaouti, SlaviKutchoukov, and Remy Goma. The Bored Bunny project was trendy, making it easy to rug pull to be successful for the past few months.
Most of the funds generated from minting the NFTs were sent to Binance and other centralized exchanges. When taking a closer look at the history of this team, it was also disclosed that the members are not first-time offenders. Their previous projects have had sour endings, making it difficult for investors to trust them after the investigation was revealed on Twitter.
Asides from the investigations by Zachbxt, a Twitter account, bax1337, revealed signs of insider trading in the NFT project. The account claimed to work with Convex Labs and disclosed that, before the reveal of the first collection, a dev wallet purchased the celebrity and influencer NFTs.
Bored Bunny Launched with The Support of Many Celebrities
The Bored Bunny NFT was launched back in December 2021. It became viral because of two main reasons. The first is that it offered many promises that attracted investors, and since profile picture projects are the most popular type of NFT collections, it was easier to increase in fame.
Not only this, but the Bored Bunny NFT was supported and marketed by different celebrities, including Floyd Mayweather, DJ Khaled, Jake Paul, French Montana, David Dobrik, and Chantel Jeffries. The stars made promotional videos and are being criticized for not doing extensive research before encouraging others to buy the NFT.
The first Bored Bunny NFT collection included 4999 NFTs and a mint price of 0.4 ETH. It sold out within hours, and the team made 2000 ETH from primary sales. The second collection was the Bored Bad Bunny NFT collection, which included 1111 NFTs and minted for 0.4 ETH. A few days after, Bored Mutant Bunny was released with 3000 NFTs and 0.25 ETH, but it didn’t sell out as the first two as investors were becoming suspicious.
Bored Bunny Team Denies Wrongdoings
Although Bored Bunny did not immediately respond, they finally came out to deny it through their official Twitter account. They stated, ‘Hi Bored Bunny Members. Hope you are all well, I come back to you to give you some news about myself and some explications about the project. Primarily, the reason of my absence this last month was that I have been through a lot of the emails, and messages in private.’
The account also added that many people have threatened him with death and accused him of being a scammer since the investigation was released. It also stated that he is taking care of accusations with his legal team and always paid back its investors when there was a hack.
The account also announced the reveal of their merchandise, which NFT holders can get in Discord. Also, the team is suggesting giving control of the project to a Discord Moderator. But, the floor price of the project has dropped to 0.082 ETH on OpenSea.
With the recent Frosties NFT rug pull and increase in NFT nefarious activities, it becomes difficult for investors to trust any team, mainly when an investigation report has emerged.
