Investors Lost $20M In Bored Bunny NFT Rug Pull

Investors lost $20 million in Bored bunny NFT rug pull, and there are some indications that the rug pull had shades of insider trading so let’s read more in today’s latest altcoin news.

Popular blockchain detective Zachbxt revealed details about a possible rug pull that occurred on the Bored Bunny NFT collection which led to the loss of $20.7 million. According to the detective, the project is a clear rug pull and his investigation revealed that the team behind it was involved in some other NFT projects in the past.

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 past two, Crazy Camel and Ancient Cats Club are pale in value compared to this. The investigation identified the three main people behind the project, Amir Adjauti, Remy Goma, and Slavi Kutchoukov. The bored bunny NFT was announced last year with a lot of promises and the developers claimed it to be a great PFP project with 4999 NFT and a mint price of 0.4 ETH. The NFT project was announced in 2021 with a lot of promises but the proejct became quite popular through marketing involving celebrities like Jake Paul, David Dobrik, Floyd Mayweather, DJ Khaled, and Chantel Jeffries, and French Montana.

The project was launched with the team making 2000 ETH From the primary sales alone but further analysis of the project by traders revealed signs of insider trading. Bax who works with Convex Labs discovered that before the actual reveal, the new dev wallet bought the Celeb/influencer NFTs and following the mint, the team launched another collection tagged Bored Bad Bunny NFT which contained 1111 NFTs and minted for 0.4 ETH as well. The third collection came out a few days later and had 3000 NFTs and went for 0.25 ETH. Unlike the first two, it didn’t sell out as fast with people starting to wonder what the developers were doing.

The team’s undoing however was that most of the funds generated from mining went to other centralized exchanges like Binance and another look at the team’s history will reveal that they are not doing this for the first time and they were attached to other projects which had pretty bad endings.
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The official account of Bored Bunny came out to deny this and claimed that the reason for the lack of communication was because of receiving multiple emails.

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

The team suggested handing over the control of the project to a Discord Moderator but the floor price dropped to 0.082 ETH on OpenSea. According to the data from Nansen, one in three NFT collections became a dead project because of little activity. The trading activity of the Bored bunny collection seems to have stalled after the shady activities. However, the arrest of the masterminds behind the Frosties NFT rug pull opened a new frontier for the investors that awere looking to recoup the lost funds.