Investors lose $20.7 million in Bored Bunny NFT promoted by multiple celebrities

Popular blockchain detective Zachbxt has revealed details astir a imaginable rug propulsion that occurred connected the Bored Bunny NFT collection, starring to the nonaccomplishment of astir $20.7 million.

According to Zachbxt, the task is simply a wide rug pull. His investigations uncover that the squad down it has been progressive successful different shady NFT projects successful the past. 

But the past two, Ancient Cats Club and Crazy Camel, airy successful worth compared to this. The probe besides identified the 3 main radical down the project: Slavi Kutchoukov, Amir Adjaouti, and Remy Goma.

The Bored Bunny dilatory rug pull

The Bored Bunny NFT was announced successful December 2021, with tons of promises. The developers claimed it to beryllium a pfp task with 4999 NFT and a mint terms of 0.4 ETH. The task became fashionable done selling involving celebrities similar Floyd Mayweather, Jake Paul, David Dobrik, DJ Khaled, French Montana, and Chantel Jeffries. 

4/ Here are each the selling videos that were produced for BB:

French Montana:https://t.co/Aj5o8kpFgP

David Dobrik:https://t.co/1Of0hUw7XA

Chantel Jeffries:https://t.co/7fJKP61Ttv

Floyd Mayweather (Two times):https://t.co/CVoCxQLxmT https://t.co/PINwrN0nHn

— zachxbt (@zachxbt) March 31, 2022

The task launched with galore promises and sold retired wrong hours, with the squad making 2000 ETH from superior income alone. However, further investigation of the task by the pseudonymous bax1337 connected Twitter revealed signs of insider trading.

Bax, who works with Convex Labs, discovered that earlier the existent reveal, a dev wallet bought the Celeb/Influencer NFTs. Following the archetypal mint, the squad launched different postulation tagged Bored Bad Bunny NFT. This contained 1111 NFTs and minted for 0.4 ETH too. 

The 3rd collection, Bored Mutant Bunny, came retired a fewer days after. It had 3000 NFTs and went for 0.25 ETH. Unlike the archetypal two, it didn’t merchantability retired arsenic radical were opening to question what the developers were doing.

Source: Zachxbt

The team’s undoing, however, was that astir of the funds generated from minting went to aggregate centralized exchanges specified arsenic Binance. A further look astatine the team’s past would uncover that they are not first-time offenders arsenic they person been attached to different projects that had sour endings.

Bored Bunny denies wrongdoing

The authoritative relationship of Bored Bunny has travel retired to contradict this, claiming the crushed for the deficiency of connection was owed to receiving aggregate emails. 

Hi Bored Bunny Members⁰
Hope you are each well, I travel backmost to you to springiness you immoderate quality astir myself and immoderate explications astir the project.

Primarily, the crushed of my lack this past period was that I person been done a batch of the emails, messages successful private.

1.

— BoredBunny (@BoredBunnyNFT) March 29, 2022

The squad is present suggesting handing implicit the power of the task to a Discord Moderator, but the level terms of the task has fallen to 0.082 ETH connected OpenSea.

Per information from Nansen, 1 successful 3 NFT collections ends up arsenic a “dead” task owed to small to nary trading activity. The trading enactment of the Bored Bunny postulation seems to person stalled pursuing the developer’s shady activities.

However, the recent arrest of the masterminds down the Frosties NFT rug propulsion opens a caller frontier for investors looking to recoup their mislaid funds.