Built On An $6 Million NFT Scam? AI Company Accused Of Fraud By Internet Investigator

4 months ago

Youtuber and Internet researcher Coffeezilla has called retired Artificial Intelligence (AI) institution Rabbit for allegedly being built connected a $6 cardinal non-fungible token (NFT) scam. The institution is accused of being liable for the GAMA NFT Project “fraud” arsenic portion of a past of lies.

Down The NFT Fraud Rabbit Hole

Stephen Findeisen, amended known arsenic Coffeezilla, published a YouTube video calling retired Rabbit Inc. for being built connected the remains of an alleged NFT fraud from 2021. The net researcher revealed that the institution is seemingly trying to fell its ties to the GAMA project.

Coffeezilla unveiled the extent of the AI company’s rabbit spread by claiming that, contempt raising implicit $30 cardinal successful task superior (VC), Rabbit utilized to beryllium called Cyber Manufacture Corporation.

In 2021, the institution raised implicit $6 cardinal for its “next-generation NFT Project GAMA.” The task was described arsenic a decentralized enactment “with the expansive extremity of sending 10,000 astronauts into abstraction to cod extraterrestrial energy.”

At the time, GAMA’s laminitis Jesse Lyu would marque “wild promises,” claiming the NFTs were conscionable the start. According to the YouTube sleuth, Lyu declared they would make “the first-ever carbon-negative cryptocurrency powered by our sun.”

The laminitis promised to physique a cleanable vigor grid done NFT income owned by NFT buyers. The grid’s vigor would beryllium utilized to excavation GAMA tokens. However, the tokens were ne'er launched, and the task seemed to beryllium abandoned.

Its squad replied to Coffeezilla’s petition for comment, stating that GAMA was not abandoned but “open-sourced.” Moreover, they claimed a token was ne'er promised, arsenic Lyu said successful 2021 that his words were not final. The squad added that they unrecorded successful a state that “values escaped speech.”

Nonetheless, the net researcher recovered that the “open-sourced” motor perpetually crashed and was non-functional aft respective tests. He besides highlighted that Lyu stated successful respective discord messages that the project’s cryptocurrency was portion of the roadmap.

Based connected this, Coffeezilla questioned wherever the $6 cardinal successful backing went and whether Lyu’s caller task should beryllium trusted.

Another Rabbit In The Hat?

GAMA’s laminitis has embarked connected a caller task unrelated to NFTs. His latest company, Rabbit, focuses connected AI technology. The institution went viral successful aboriginal 2024, raising $30 cardinal successful VC and selling implicit $20 cardinal successful user products.

Rabbit launched their AI idiosyncratic assistance device, Rabbit R1, connected easter 2024. However, the task has received a batch of backlash for not surviving up to the hype and promises.

Several tech reviewers concurred that R1 was portion of a inclination of releasing “unfinished” products. According to YouTuber Marques Brownlee, Rabbit’s merchandise was “barely reviewable” and the pinnacle of “delivering hardly finished products to triumph a race.’”

Moreover, laminitis and CTO of WeGPT, Josh Ollin, called the task a “scam” erstwhile R1 was announced. He besides pointed retired connected antithetic occasions that the hype and interactions astir the institution were “fake impressions” from bots.

Ollin called Lyu an “NFT grifter” and stated that his past behaviour affected the caller task owed to the “shady insincere fraudulent concern practices connected show (fake engagement, fake bot followers, fake tech stack, overpriced vaporware).”

Coffeezilla stated a akin sentiment successful his video:

So galore of the promises of Gama didn’t happen. This is applicable to the R1 not conscionable due to the fact that this task is built connected the skeleton of that scam project, it’s besides due to the fact that the R1 is overhyped successful a akin way.

As noted by the net sleuth, Lyu has diminished his links to GAMA NFT, calling it a “fun small project” helium was “involved with” during the COVID-19 pandemic.

Ultimately, helium considers it important for users to cognize the company’s “history of abandoning investors similar they did with GAMA NFT.”