ZkSNARKs NFT Project Accused of Extracting $17M From Investors with Minimal Utility
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A auction launched as an experiment of privacy and digital identity on Zcash has turned into a case study on how trust is not built in an NFT ecosystem. The ZksNARKs NFT accusations come from a heavy name in the industry, the on-chain investigator ZachXBT, who pointed his finger at a project capable of gathering about [...]
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Cryptocurrency News | Cryptocurrency Prices | Market CapZkSNARKs NFT project accused of extracting $17M from investors with minimal utility
The incident underscores the need for enhanced transparency and trust mechanisms in NFT projects to safeguard investor confidence and market integrity.
According to ChainCatcher, on-chain analyst ZachXBT revealed that the zkSNARKs project, a 10K PFP NFT recently issued on the Zcash chain, is suspected of being a scam. The project attracted 16,971 bids through a blind auction, ultimately distributing 8,000 tokens at a liquidation price of 1.5 ZEC (approximately $2,190), with a total trading volume of 25,305 ZEC (approximately $36.94 million). Refunds of 13,309 ZEC (approximately $19.43 million) …
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