Self-proclaimed crypto sleuth ZachXBT's investigation into the Boneheads NFT rug pull is cited in a Canada-based lawsuit.
TL;DR
- Crypto sleuth ZachXBT's investigation of Project Boneheads NFT's $3.1 million rug pull is being used in a lawsuit in Canada.
- Boneheads NFT scammers transferred funds to exchange accounts and used the remaining earnings to buy top-notch NFTs.
- The founders of the project were exposed by ZachXBT, which exposed their identities and extravagant lifestyles while leaving Boneheads NFT holders stranded.
Why was ZachXBT's investigation cited in an NFT Rug Pull lawsuit?
Crypto sleuth ZachXBT is making headlines again as his $3.1 million NFT rug pull investigation is used in court. In short, Canada sued Project Boneheads NFT for getting away with millions of dollars after scamming its community in 2022.
Notably, the project's history dates back to 2021, when it launched its first collection of 10,000 NFTs. Created by an anonymous team, these PFPs were selling for 0.1 ETH per coin. Boneheads' roadmap was filled with giveaways, real-life merchandise, and Web3 utilities for its owners.
These exciting plans and the decent quality of each NFT convinced collectors to buy it. Boneheads released shortly after launch - and that's when the tragedy began.
The project disappeared from all social media pages and the Discord server just a few weeks after its release. Six months later, ZachXBT investigated where funds went to expose NFT mat traction by Twitter.
What did the Boneheads NFT scammers do with the money?
According to ZachXBT's investigation, the founders of the project transferred part of the currency's funds to several exchange accounts. Meanwhile, the remaining revenue was spent on buying top notch NFTs including CryptoPunks, RTFKT's CloneX, or Bored Ape Yacht Club.
However, the identity of the founders was hidden in plain sight: the registration form for the Boneheads site included an address in Canada. Using this address, ZachXBT exposed the two co-founders: Alexandra and Ivan.
Surprisingly, Alexandra revealed the Boneheads NFT art on her personal Twitter Before the project started. Worse, she also bragged about a lavish lifestyle shortly after the project went dormant:
In other words, the founders of the project lived their best life while thousands of bonehead NFT holders got stuck.
After being exposed, the NFT Project contacted ZachXBT and suddenly started posting on social media again to hide the carpet pull. However, they failed to deliver on their promises once again - and now it's up to the Canadian court to resolve the case.
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