NFT scammers exposed by YouTube, saved investors Rs 150 crore!

Coffeezilla, a US-based YouTuber and internet personality investigating online scams, has uncovered an alleged conspiracy by non-fungible token (NFT) scammers. It is claimed that $ 20 million (about Rs 150 crore) could have been earned from this conspiracy. In one of his recent videos, this YouTuber with 950,000 subscribers explained how scammers tried to use the Squiggles NFT project to defraud investors. The project gained immense popularity and it was alleged that it lured several shadow crypto wallets. These wallets were engaged in increasing the volume. However, this project has been withdrawn from the NFT marketplace OpenSea.

CoffeeZilla aka Stephen Findeisen claims that when the project was listed on OpenSea, it discovered a series of fake wallets created by a man.

Explaining his findings, the YouTuber revealed that a single account spent 800ETH (Rs 17.5 crore) in two transactions. Instead, hundreds of new wallets were created. CoffeeZilla claims that the purpose was to create confusion among people.

Even before the launch of the project, there were doubts about it as an anonymous user squiggles A 60-page report was published accusing the founders of The scammers allegedly promoted the squiggles by giving fake gifts to close friends. The team of scammers also rented an office and hired employees to show themselves clean.

According to CoffeeZilla, the project’s founders are taking advantage of their verified Twitter accounts on the social media platform to defame the unnamed person. Interestingly, users who inquired more about that report were banned on the Squiggles Discord channel.

One of Finbold’s Report According to the report, the suspects have been identified as Gavin, Gabe, Ali and a man who may be a high school student. One of the accused, who is working for the rest, has claimed to be innocent and has also released the video denying all the allegations.