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Bored Bunny NFT, Which Was Marketed By A Number Of Celebrities, Cost Investors $20.7 Million

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Zachbxt, a popular blockchain investigator, has provided facts concerning a probable rug pull that occurred on the Bored Bunny NFT collection, resulting in a loss of around $20.7 million.

The project, according to Zachbxt, is an obvious rug pull. His investigations indicate that the crew behind it has previously been involved in other questionable NFT initiatives.

However, the previous two, Ancient Cats Club and Crazy Camel, pale in comparison to this. The research also uncovered three key players in the project: Slavi Kutchoukov, Amir Adjaouti, and Remy Goma.

In December 2021, the Bored Bunny NFT was introduced, promising a lot. It’s a pfp project, according to the creators, with 4999 NFT and a mint price of 0.4 ETH. Floyd Mayweather, Jake Paul, David Dobrik, DJ Khaled, French Montana, and Chantel Jeffries were among the celebrities that helped promote the project.

The program started with numerous promises and sold out in hours, earning the team 2000 ETH from primary sales alone. However, additional investigation of the initiative by the Twitter user bax1337 discovered evidence of insider trading.

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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 release of the first mint, the team released another collection called Bored Bad Bunny NFT. This contains 1111 NFTs and was also coined for 0.4 ETH.

A few days later, the third collection, Bored Mutant Bunny, was released. It cost 0.25 ETH and had 3000 NFTs. Unlike the other two, it did not sell out as people began to mistrust the creators’ actions.

The team’s undoing, however, was the fact that the majority of the revenue raised from minting flowed to centralized exchanges like Binance. A closer check into the team’s past reveals that they are not first-time offenders, since they had previously worked on projects that did not turn out well.

Bored Bunny’s official account has denied this, stating that the lack of response was due to several emails being received.

The crew is currently requesting that the project be handed over to a Discord Moderator, however, the project’s floor price on OpenSea has dropped to 0.082 ETH.

According to Nansen data, one out of every three NFT collections becomes a “dead” project due to little or no trading activity. Following the developer’s dubious practises, the trading activity of the Bored Bunny collection appears to have stalled.