Top-tier NFT scam detective Zachbxt recently revealed details about the rug pull.
According to him, one obvious red flag on the official website’s ‘Benefits & Utilities’ section was the promised benefit of “2x, 5x, or maybe even 10x the value of your investment within a few days.”
The first Bored Bunny collection sold out within an hour, raising 2000 ETH ($7.5M USD), and 916 ETH ($3M USD) in secondary sales. The profits were then distributed from the Bored Bunny Contract to seven other unknown wallets.
Soon after the first collection, the Bored Bunny team announced another NFT drop – 11,111 ‘Bored Bad Bunnies’ priced at 0.4 ETH, which swiftly generated 3,195 ETH ($10.1M USD) and 95 ETH ($300,000 USD) in secondary sales for the project.
A few days later, a third collection named ‘Bored Mutant Bunny’ appeared. This set featured 3,000 NFTs with individual valuations of 0.25 ETH. According to Zachxbt, this was the moment the community began to suspect that something was off about the project.
Only 532 NFTs out of 3,000 were sold from the third collection, while the floor prices of the three BB collections plummeted below their original prices.
The project’s founders then suddenly became inactive and disappeared for a month. The founder, known as Jeff, returned after some time, explaining his absence to the public with a ridiculous excuse:
“Primarily, the reason of my absence this last month was that I have been through a lot of the emails, messages in private.”
Then he promised to refund holders $600,000 and send free Bored Bunny merchandise to the NFT holders. Many ridiculed his ‘generosity,’ demanded their money back, and called him a scammer who stole millions from investors.