A well-known blockchain investigator, Zachbxt, has revealed details on a possible rug pull on the Bored Bunny NFT collection, which resulted in a $20.7 million loss. According to his investigations, the team behind it has previously been involved in other dubious NFT operations. However, the previous two, Ancient Cats Club and Crazy Camel, pale in comparison to this. The investigation also uncovered three important project participants: Slavi Kutchoukov, Amir Adjaouti, and Remy Goma.
The Bored Bunny NFT was unveiled in December 2021, and it made a lot of promises. According to the creators, it is a pfp project with 4999 NFT and a mint price of 0.4 ETH. The initiative gained traction with celebrity endorsements from Floyd Mayweather, Jake Paul, David Dobrik, DJ Khaled, French Montana, and Chantel Jeffries.
The product started with numerous promises and sold out in hours, earning the team 2000 ETH from primary sales alone. Bax, who works with Convex Labs, revealed that the Celeb/Influencer NFTs were purchased by a dev wallet prior to the actual revelation. Following the publication of the first mint, the team produced “Bored Bad Bunny NFT,” which was a compilation of “Bored Bad Bunny NFT.” This coin was created for 0.4 ETH and includes 1111 NFTs.
3/ The roadmap included things such as release, merch, irl events, breeding multiple NFTs, private metaverse, marketing & more TBA.
Oddly enough it promised the benefit of “2x, 5x, or maybe even 10x the value of your investment within a few days” pic.twitter.com/W1i3wTHSuL
— zachxbt (@zachxbt) March 31, 2022
The third collection, “Bored Mutant Bunny,” was released a few days later. It was 0.25 ETH and contained 3000 NFTs. Unlike the other two, it did not sell out as people grew suspicious of the designers’ intentions.
The team’s undoing, however, was that the majority of the profits created by minting were diverted to several centralised exchanges like Binance. A closer check into the team’s past reveals that they are not first-time offenders since they have previously been associated with initiatives that did not end well.
The official Bored Bunny account has denied this, stating that the delay in contact was due to receiving several emails. The crew is currently proposing that the project be handed over to a Discord Moderator, although the project’s floor price on OpenSea has dropped to 0.082 ETH.
Hi Bored Bunny Members⁰
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, messages in private.
1.
— BoredBunny (@BoredBunnyNFT) March 29, 2022
According to Nansen statistics, one out of every three NFT collections becomes a “dead” project owing to little or no trading activity. Following the developer’s dubious practices, the trading activity of the Bored Bunny collection appears to have halted. The recent arrest of the masterminds behind the Frosties NFT rug pull, on the other hand, offers up a new area for investors wanting to recuperate their losses.
