The Rabbit Hole of Alleged NFT Fraud Unveiled 🕵️♂️
Renowned YouTuber and internet investigator Coffeezilla has shed light on Artificial Intelligence company Rabbit Inc., accusing it of being built on the foundations of a supposed NFT scam that took place in 2021. The company is alleged to have been involved in the controversial GAMA NFT Project, described by Coffeezilla as fraudulent and marked by a trail of deceit.
- Coffeezilla’s YouTube video exposes Rabbit Inc.’s attempts to conceal its association with the GAMA project.
- The AI company, previously known as Cyber Manufacture Corporation, raised over $30 million in venture capital but appears to have a murky past.
A Dubious Past: The GAMA NFT Project 🎨
Coffeezilla’s investigation delves into the events of 2021 when Rabbit Inc. secured a whopping $6 million for what was touted as the groundbreaking “next-generation NFT Project GAMA.” The project was positioned as a decentralized entity with a grand vision of launching 10,000 astronauts into space to harvest extraterrestrial energy.
- GAMA’s founder, Jesse Lyu, made extravagant promises, hinting that the NFTs were just the tip of the iceberg.
- Lyu claimed they would develop the world’s first carbon-negative cryptocurrency powered by solar energy.
However, despite these ambitious assurances, the GAMA tokens were never released, and the entire endeavor seemed to fade into obscurity.
The Rabbit team’s response to Coffeezilla’s inquiries was that GAMA had not been abandoned but rather “open-sourced.” They emphasized that no explicit token commitments were ever made and cited free speech values in their defense.
- Coffeezilla’s investigation found that the “open-sourced” platform was riddled with malfunctions and failed tests, casting doubt on GAMA’s credibility.
- The whereabouts of the $6 million raised for the project remain a mystery, prompting concerns about Rabbit Inc.’s integrity.
A Potentially Repeated Offense: The Saga Continues 🐇
Following the GAMA debacle, Jesse Lyu has ventured into a new domain unrelated to NFTs with his latest venture, Rabbit Inc., focusing on AI technology. The company made waves in early 2024 with a substantial $30 million VC injection and achieved sales exceeding $20 million in consumer goods.
- Rabbit introduced its AI personal assistant device, Rabbit R1, to the market in 2024, garnering significant attention.
- However, the project faced backlash for falling short of expectations and failing to deliver on its bold promises.
Various tech reviewers highlighted that Rabbit R1 was emblematic of a trend where products were released in unfinished states, drawing criticism for premature launches.
Industry figures like Josh Ollin branded the project a “scam” and raised concerns about deceptive practices surrounding the company.
- Ollin criticized the hype generated around Rabbit, attributing it to artificial engagements and dubious tactics.
- Accusations of disingenuous behavior and questionable business practices have tarnished Rabbit Inc.’s reputation, echoing the shadows of the GAMA NFT scandal.
Parting Thoughts: A Cautionary Tale 🤔
As the narrative unfolds, it becomes apparent that Rabbit Inc.’s founder, Jesse Lyu, has attempted to distance himself from the tarnished legacy of the GAMA NFT Project, downplaying its significance as a mere past involvement during challenging times.
It is crucial for consumers to be aware of Rabbit Inc.’s checkered history and its track record of disregarding investor interests, especially in light of past controversies.
Hot Take: Drawing Parallels and Learning Lessons 📝
The intertwining stories of the GAMA NFT Project and Rabbit Inc. serve as cautionary reminders of the importance of transparency, integrity, and accountability in the crypto and tech sectors. With each new revelation, users are urged to exercise vigilance and skepticism when engaging with emerging technologies and ventures, ensuring their interests are safeguarded in an ever-evolving landscape. Stay informed, stay vigilant, and navigate the digital realm with wisdom and discernment.
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