AI firm Rabbit rejects Coffeezillas NFT scam accusation

A Rabbit spokesperson claimed that the Gama team was forthright with the open sourcing of the project and that the allegation was false.

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Built On An $6 Million NFT Scam? AI Company Accused Of Fraud By Internet Investigator

Youtuber and Internet investigator Coffeezilla has called out Artificial Intelligence (AI) company Rabbit for allegedly being built on a $6 million non-fungible token (NFT) scam. The company is accused of being responsible for the GAMA NFT Project fraud as part of a history of lies. Related Reading: Fake NFT Project Hack? CTO Vanishes After Allegedly Stealing 94 SOL Down The NFT Fraud Rabbit Hole Stephen Findeisen, better known as Coffeezilla, published a YouTube video calling out Rabbit Inc. for being built on the remains of an alleged NFT fraud from 2021. The internet investigator revealed that the company is seemingly trying to hide its ties to the GAMA project. Coffeezilla unveiled the depth of the AI companys rabbit hole by claiming that, despite raising over $30 million in venture capital (VC), Rabbit used to be called Cyber Manufacture Corporation. In 2021, the company raised over $6 million for its next-generation NFT Project GAMA. The project was described as a decentralized organization with the grand goal of sending 10,000 astronauts into space to collect extraterrestrial energy. At the time, GAMAs founder Jesse Lyu would make wild promises, claiming the NFTs were just the start. According to the YouTube sleuth, Lyu declared they would create the first-ever carbon-negative cryptocurrency powered by our sun.” The founder promised to build a clean energy grid through NFT sales owned by NFT buyers. The grids energy would be used to mine GAMA tokens. However, the tokens were never launched, and the project seemed to be abandoned. Its team replied to Coffeezillas request for comment, stating that GAMA was not abandoned but open-sourced. Moreover, they claimed a token was never promised, as Lyu said in 2021 that his words were not final. The team added that they live in a country that values free speech. Nonetheless, the internet investigator found that the open-sourced engine constantly crashed and was non-functional after several tests. He also highlighted that Lyu stated in several discord messages that the projects cryptocurrency was part of the roadmap. Based on this, Coffeezilla questioned where the $6 million in funding went and whether Lyus new project should be trusted. Another Rabbit In The Hat? GAMAs founder has embarked on a new project unrelated to NFTs. His latest company, Rabbit, focuses on AI technology. The company went viral in early 2024, raising $30 million in VC and selling over $20 million in consumer products. Rabbit launched their AI personal assistance device, Rabbit R1, on easter 2024. However, the project has received a lot of backlash for not living up to the hype and promises. Several tech reviewers concurred that R1 was part of a trend of releasing unfinished products. According to YouTuber Marques Brownlee, Rabbits product was barely reviewable and the pinnacle of delivering barely finished products to win a race. Moreover, founder and CTO of WeGPT, Josh Ollin, called the project a scam when R1 was announced. He also pointed out on different occasions that the hype and interactions around the company were fake impressions from bots. Ollin called Lyu an NFT grifter and stated that his past behavior affected the new project due to the shady insincere fraudulent business practices on display (fake engagement, fake bot followers, fake tech stack, overpriced vaporware). Coffeezilla stated a similar sentiment in his video: So many of the promises of Gama didnt happen. This is relevant to the R1 not just because this project is built on the skeleton of that scam project, its also because the R1 is overhyped in a similar way. Related Reading: Altcoins Maniac Phase Preparing, Analysts Call For Next Leg Up As noted by the internet sleuth, Lyu has diminished his links to GAMA NFT, calling it a fun little project he was involved with during the COVID-19 pandemic. Ultimately, he considers it important for users to know the companys history of abandoning investors like they did with GAMA NFT. Featured Image from Unsplash.com, Chart from TradingView.com

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Mutant Ape Planet Creator Arrested Over Alleged $2.9 Million NFT Rug Pull

The founder of Mutant Ape Planet has been arrested over allegations of rug-pulling investors.

Continue reading Mutant Ape Planet Creator Arrested Over Alleged $2.9 Million NFT Rug Pull at DailyCoin.com.

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NFT Scammers Are Just As Creative As The Artists Themselves

A quick Google search for NFT scams results in a seemingly never-ending list of stories describing numerous weird and wonderful ways in which people have been cheated out of thousands of dollars.  The world of non-fungible tokens has created a lot of excitement over the past few years, exploding to become a multi-billion crypto industry […]

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Phishing scammer Monkey Drainer has pilfered as much as $1M in Ethereum

Four addresses have been flagged relating to Monkey Drainer, including the monkey-drainer.eth address, with Chainabuse showing a long list of reported victims relating to these accounts.

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Timeless Investments – Carlito NFT Scam?

Many NFT drops are turning out to be a scam after some time. Let's assess why the Carlito NFT scam story might be true.

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Timeless Investments – Carlito NFT RipOff?

Many NFT drops are turning out to be a scam after some time. Let's assess why the Carlito NFT scam story might be true.

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British Army’s social media accounts hacked by crypto scammers

Hackers had access to multiple official social media accounts of the British Army for nearly four hours, when they posted crypto phishing links and scams.

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As Origin Protocol battles NFT scams with its own builder, how will OGN grow?

Origin Protocol OGN/USD is an Ethereum ETH/USD powered platform that aims to provide non-fungible tokens (NFTs) and decentralized finance (DeFi) on a global scale. 

The NFT and DeFi ecosystem found within Origin is governed by its native cryptocurrency known as the OGN token, which allows holders to ensure transparency oversight, as well as the development of the platform as a whole.

As a means of combating many of the non-fungible token (NFT) related scams that have occurred across the crypto space, the Ethereum-based network known as Origin Protocol has launched a new product.

This new product launched on its flagship “Origin Story” is known as “Collections.”

This is a feature that enables digital asset artists as well as creators to essentially build verifiable NFT marketplaces of their own and encourage their buyers to invest through a secure space.

With Collections, NFT artists can custom-build their official websites and even organize a multitude of different NFT collections from a single dashboard, all whilst being able to generate new revenue streams for marketplace fees.

The revenue can be used to fund future projects and developments.

When we look at their first official partner to power the marketplace with Collections, we can see that it is known as Pudgy Penguins.

In any case, this marketplace builder will combat NFT scams and will provide a higher level of utility as well as value to the OGN cryptocurrency.

On June 24, 2022, Origin Protocol (OGN) had a value of $0.26.

When we take a look at the all-time high of cryptocurrency, we can see that on April 8, 2021, Origin Protocol (OGN) reached a value of $3.35.

Throughout the previous month, Origin Protocol (OGN) had its highest point of value on May 5 at $0.4821. Its lowest point of value was on May 12 at $0.1647. Here we can see a decrease of $0.3174 or 65%.

However, from May 12 to June 24, we can see that OGN has grown by $0.0953 or by 58%.

With this in mind, we can expect OGN to reach a value of $0.5 by the end of July 2022, making it a solid token to buy.

The post As Origin Protocol battles NFT scams with its own builder, how will OGN grow? appeared first on Invezz.

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Actor Seth Green’s NFT Stocks Phished, Four NFTs Stolen

Actor Seth Green’s NFT collection was phished. Scammers phished Green’s four NFTs, including a Bored Ape Yacht Club. As more ...

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Are Project Owners and Influencers Responsible for an NFT Rug Pull?

If a rug pull happened, developers and founders have the civil liability to be responsible for the buyers who fell victim to the project, no matter the reason behind the rug pull.

The post Are Project Owners and Influencers Responsible for an NFT Rug Pull? appeared first on BitPinas.

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Zachxbt levies rug pull allegations against 4 Croatians connected to 9 NFT scams

In a new Twitter thread, blockchain detective Zachxbt has revealed the identities of four people allegedly connected to various Non-fungible token (NFT) rug pulls.

The post Zachxbt levies rug pull allegations against 4 Croatians connected to 9 NFT scams appeared first on CryptoSlate.

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7 Things to Keep in Mind Before Buying Your First NFT

A Non-fungible token (NFT) is a digital unit which validates a digital asset as unique and it can’t be interchanged. It is maintained on a digital platform called a blockchain. NFTs can be used to encode photos, pictures, audio, as well as other types of digital information. They’re frequently encoded using the same technology as […]

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What Are NFT Scams and How To Avoid Them?

Investors lost more than 3.2 billion USD in 2021 to crypto scams. And a big chunk of it was due to NFTs. In early 2022 OpenSea, one of the largest marketplaces of NFTs admitted that around 80% of its NFTs are scams or spams, or mere fakes. Digital artists from all over the world have […]

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Rare Bears Discord phishing attack nabs $800K in NFTs

The account of a moderator from the non-fungible token project was compromised in the attack, posting a phishing link that drained user wallets.

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Hopeful Users Raised $70M for ‘Scammy’ NFT Project Pixelmon and Its Shockingly Poor Quality Art

Pixelmon was supposed to be a Pokémon-like metaverse game, yet it revealed horrible art and poor game quality.

Continue reading Hopeful Users Raised $70M for ‘Scammy’ NFT Project Pixelmon and Its Shockingly Poor Quality Art at DailyCoin.com.

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OpenSea Reimburses $1.8 Million to Scammed Users, Warns That 80% of NFTs on the Marketplace Are Fraudulent

OpenSea’s mechanism broke and caused accidental sales of expensive NFTs at very low prices.

Continue reading OpenSea Reimburses $1.8 Million to Scammed Users, Warns That 80% of NFTs on the Marketplace Are Fraudulent at DailyCoin.com.

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South Park Is More Bullish On NFTs Than You Think

Surprisingly, the South Park NFT references aren’t as negative as the coverage of the special has made it seem. Covered: The South Park Special’s Many Crypto References Are NFTs Just Ponzis? The South Park Special’s Many Crypto References South Park’s latest special — with a name I will avoid for potential SEO repercussions — delves […]

The post South Park Is More Bullish On NFTs Than You Think appeared first on CryptosRus.

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Halting the NFT Mania

As with any asset - whether digital or traditional - there is a risk of theft.

Continue reading Halting the NFT Mania at DailyCoin.com.

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FBI warns of phishing scams and social media account hijackers

The FBI warned that the account hijackers work to “create a sense of urgency” with their posts, and urged people to vet any website or potential opportunity before clicking on it.

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