Zachxbt, a well-known on-chain sleuth, has released details about yet another non-fungible token rug pull.
The earnings from the Billionaire Dogs NFT rug pull reportedly used to purchase Mutant Ape, Doodle, and CloneX NFTs, according to reports. Laurent Correira, a French influencer and reality TV star, was a key figure in the Billionaire Dogs Project, according to a Twitter thread he started.
NFT Rug Pull
The initiative began in December 2021, with many people promoting it. This includes Correira, who has promised investors freebies and fancy cars. It was supposed to be a collection of 6500 NFTs for 0.1 ETH presale and 0.2 ETH public sales at first.
However, due to poor demand, they had to limit the supply to 2000 NFTs. The website and Discord server removed a week after the minting, and the crew vanished.
If there was any prospect of tracing down the $960k revenues from the deal, Correira himself resurrected it. Correira received more over $400k in his public wallet, according to on-chain data.
Because he bought NFTs using the same wallet, it was easy to track him down. Mutant Ape, Doodle, and CloneX are among the characters. He even shared the news on social media, changing his Instagram profile photo to the NFT.
Based on his social media activities, Correira appears to be based in Dubai. At the same time, Zachxbt has tagged the Dubai Police Department on Twitter in an attempt to apprehend him. However, given the unregulated nature of NFTs, this is a remote prospect.
More than an Influencer
This incident highlights the necessity for rules, particularly for NFTs. Several celebrities and influencers have been involved in marketing NFT initiatives in recent months, but the rug has been removed.
Because crypto projects frequently use influencer marketing, some governments, including Australia, are attempting to regulate financial influencers.
While Zachxbt may have exposed the entire effort as a ruse, other evidence suggests Correira was more of a genius than an influencer. In an interview in January, a Dubai businessman named Mohammed Amin disclosed the swindle.
Then he accused Correira of defrauding him and other investors who purchased NFTs on the basis of a number of promises.
Correira was reported to have enticed them in with his dazzling social media presence. Famous people like Kanye West and LeBron James, he alleged, were involved. But he vanished soon after, taking with him their $500,000 in cryptocurrency.
Since then, Amin claims that he and other victims have been compiling evidence in order to bring a lawsuit in the United Arab Emirates.