Popular blockchain detective Zachbxt has revealed details about a possible carpet pull that occurred on the Bored Bunny NFT collection, resulting in a loss of around $20.7 million.
According to Zachbxt, the project is a clear outline. His investigation shows that the team behind it has been involved in other shady NFT projects in the past.
But the last two, Ancient Cats Club and Crazy Camel, pale in comparison. The investigation also identified the three main people behind the project: Slavi Kutchoukov, Amir Adjaouti and Remy Goma.
Slow carpet train by Bored Bunny
The Bored Bunny NFT was announced in December 2021 with a lot of promises. The developers claimed that it is a PFP project with 4999 NFT and a mint price of 0.4 ETH. The project gained notoriety through marketing involving celebrities such as Floyd Mayweather. Jake-PaulDavid Dobrik, DJ Khaled, French Montana and Chantel Jeffries.
4/ Here are all the marketing videos produced for BB:
French Montana: https://t.co/Aj5o8kpFgP
David Dobrik: https://t.co/1Of0hUw7XA
Chantel Jeffries: https://t.co/7fJKP61Ttv
Floyd Mayweather (twice): https://t.co/CVoCxQLxmT https://t.co/PINwrN0nHn
— zachxbt (@zachxbt) March 31, 2022
The project launched with many promises and sold out within hours, with the team earning 2000 ETH from primary sales alone. However, further analysis of the project by the pseudonym bax1337 on Twitter revealed evidence of insider trading.
Bax, who works with Convex Labs, discovered that prior to the actual reveal, a developer wallet had bought the celebrity/influencer NFTs. Following the first coin, the team launched another collection tagged Bored Bad Bunny NFT. This contained 1111 NFTs and was also minted for 0.4 ETH.
The third collection, Bored Mutant Bunny, came out a few days later. It had 3000 NFTs and went for 0.25 ETH. Unlike the first two, it didn’t sell out as people began to wonder what the developers were doing.
Source: Zachxbt
However, the team’s undoing was that most of the funds generated by minting went to multiple centralized exchanges such as Binance. A further look at the history of the team would show that they are not first time offenders as they have been involved in other projects that had bad endings.
Bored Bunny denies wrongdoing
Bored Bunny’s official account denies this, claiming that the reason for the lack of communication was the receipt of multiple emails.
Hello Bored Bunny members⁰
I hope you are all doing well. I’ll get back to you to give you some news about me and some explanations about the project.
The main reason I was away for the past month was to go through a lot of emails and messages privately.
1.
— BoredBunny (@BoredBunnyNFT) March 29, 2022
The team is now proposing to hand over control of the project to a Discord moderator, but the project’s reserve price has dropped to 0.082 ETH on OpenSea.
According to data from Nansen, one in three NFT collections ends up as a “dead” project due to little or no trading activity. Trading activity of the Bored Bunny collection seems to have stalled after the developer’s shady activities.
However, the recent arrest the masterminds behind the Frosties NFT Rug Pull opens a new frontier for investors looking to recoup their lost funds.
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