A YouTuber named Coffeezilla, who is investigating online scams, has uncovered an alleged conspiracy of fraudsters who cannot be replaced by tokens (NFT) to earn $ 20 million from dubious projects.
In a video released on February 16, 2022, Coffeezilla explains how fraudsters tried to use the Squiggles NFT project to defraud unsuspecting investors.
Earlier, the project was very popular. It is also stated that he attracted several wallets from the shadows that were engaged in pumping the volume. Although OpenSea mentioned the project earlier, it was later removed. Squiggles, however, promised to follow in OpenSea.
According to YouTuber, he discovered the fraudsters as a series of fake wallets created by one person buying Squiggles in translation fake millions of dollars worth of fake quantities, while listed on OpenSea. OpenSea then overturned purchased Squiggles for less money.
Sales of Squiggles worth 800 ETH at a loss
Several hundred new wallets were created as a result of spending 800 ETH bills in two transactions. For Coffeezilla, the logic behind buying Squiggles and selling them at a loss is not clear. He noted that the goal was to create the illusion of great interest to get people to accept and then give up on the project.
The alleged founder of Squiggles is not the real founder of the project, which aroused suspicion just before its launch. According to the claim, the founder worked for a behind-the-scenes group that had previously committed several scams.
It later became clear that the suspects were Gabe, Gavin, Ali and a high school student. In an interesting turn of events, the person suspected of acting as a puppet for fraudsters denied the accusations in the video.
“Some strange accusations, I’m not sure where they come from. Right. I have no bad intentions. I would never hurt anyone physically, financially or mentally. It’s not in me. I am all about my morals, ”he says.
Coffeezilla reports that the project’s founders are using verified Twitter accounts to manipulate social media to discredit the source of the dossier. As users inquired more about the file, Squiggles’ Discord channel was quickly closed.