Zackxbt Reveals Details in a $1.7M Rug Pull Involving Project Shura

Zackxbt have been at the center of a lawsuit involving an ICO for a blockchain-powered game, with claims that the project was being run by fraud and not following through on its promises. The company is now revealing more details about what happened in their latest blog post, shedding light on how they were involved in pulling off such a huge rug.

The “nft bloggers” is a platform that allows users to buy and sell NFTs. One of the most recent projects, Project Shura, has been revealed with details by Zackxbt.

Project Shura’s creators vanished after making $1.7 million from their crowdfunding campaign, leaving investors high and dry.

Initiative Shura is an anime-inspired project that arose after the huge popularity of Azuki. Shura’s 5,500-piece collection was released in January at a minting price of 0.09 ETH. Like previous initiatives, they promised shirts, comic series, tokens, and more on their roadmap. They even teamed up with prominent YouTuber JRNY for marketing objectives.

After the minting was done successfully, the anonymous team of engineers began to behave aloof, and they finally vanished in February. The crew resurfaced a month later on March 16th, claiming they had taken a sabbatical.

They claimed that they will keep working on new advancements. However, they brazenly said that they would need to deactivate all channels due to “FUD.” There have been no developments on the project since then, leaving investors with a near-zero floor price.

Zackxbt, an Onchain investigator, began investigating how the 495 ETH in profits were allocated. He discovered four wallets that pooled cash and moved them to central exchanges directly. One of the four wallets turned out to be a public wallet by chance.

The wallet got 133 ETH and belonged to the anonymous 0x6a, also known as RoySaito.ETH on Twitter. He then utilized the money to flip Azuki NFTs, while Roy established a new NFT product named Shounen in the meanwhile.

Zackxbt was able to figure out who was behind the 0x6a wallet and link it to Roy’s Twitter account. When he acquired Azuki #6541, a Twitter bot announced it using his OpenSea handle. Let’s hope that now that they have this knowledge, purchasers would be more careful!

 

In a $1.7M rug pull involving Project Shura, Zackxbt has revealed details in the article “Zackxbt Reveals Details in a $1.7M Rug Pull Involving Project Shura.” Reference: nft articles.

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