By Alicia Maher
A recent announcement by the famous on-chain crypto detective, Zachxbt, has disclosed some vital information about the latest rug pull going on in the NFT space.
In a Twitter post, the detective revealed how a famous French influencer and TV star, Laurent Correira, pulled the strings behind the contemporary rug pull and used the proceeds to purchase pricey NFTs like the Mutant Ape, Doodle, and other NFTs.
It is worth noting that the Billionaire Dog NFT is a recent creation championed by leading influencers, making it genuine in the eyes of unsuspecting investors.
The Billionaire Dog NFT and the Accompanied Rug Pull
The project was launched in the last month of 2021 by a slew of notable influencers, including Correira, who mounted a promotion campaign to advertise the new project in town. There was the promise of handsome giveaways and luxury cars to successful investors in the scheme.
However, the project was initially designed to be a collection of 6500 NFTs with a presale price of 0.1Eth and 0.2ETH for public sales. Along the way, it was discovered that the low interest in the project made them reduce the supply of the collectibles to 2000 NFTs.
But a week after the widely publicized minting, the team disappeared into thin air with both the project website and Discord server deleted – making communication between them and investors impossible.
Meanwhile, the project has raised about $950K, which was unaccounted for, with Correira believed to have been the mastermind behind the disappearance of the funds.
According to the on-chain data relating to the rug pull, the leading influencer for the project is reported to have received about $400K and above of the funds in his public wallet.
The wallet is easy to be traced because it was the same wallet he used to purchase other NFTs like Mutant Ape, CloneX, and Doodle. He was reported to have even posted his latest acquisition on his social media accounts and changed his profile picture on Instagram to the NFT.
Going by his online activities, Correira is believed to be based in Dubai, with the crypto detective, Zachxbt, tagging the Dubai police on Twitter to alert them of his fraudulent activities and bring him to justice.
Many analysts suggest that the NFT space needs to be regulated to allow authorities to swing into action, as the nature of the NFT ecosystem makes it difficult to do so.
Is Correira A Fraudster Fronting As an Influencer?
The latest event again brings the need for regulation in the NFT space, considering the number of rug pulls that have previously taken place involving influencers and celebrities.
This explains why the regulatory body pushed Australia’s moves to curb influencers’ activities in the crypto space.
Previous episodes of rug pulls have pointed to Correira as a brain behind most rug pulls more than him being an influencer going by the many accusations leveled against him.