According to on-chain analyst ZachXBT (@zachxbt), the recent Zcash chain-based 10K PFP NFT project, zkSNARKs, is suspected of rug-pulling. The project attracted 16,971 bids through a blind auction and ultimately allocated 8,000 NFTs at a clearing price of 1.5 ZEC (approximately $2,190), generating a total trading volume of 25,305 ZEC (approximately $36.94 million). Refunds of 13,309 ZEC (approximately $19.43 million) have been gradually returned. ZachXBT noted that the project raised approximately $17 million, with a 10% team allocation, 5% royalties, and around $2,000 in minting fees, yet offers no utility whatsoever—resembling the classic "pump-and-dump" scheme commonly seen in Ordinals projects.
ZachXBT Criticizes zkSNARKs NFT Project for Alleged Scam Tactics
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Summary
Chain analyst ZachXBT has criticized the zkSNARKs NFT project on Zcash, labeling it a potential scam. The project raised $17 million through blind bidding, with a trading volume of 25,305 ZEC ($36.94 million). On-chain data shows that $19.43 million (13,309 ZEC) in refunds have been issued. ZachXBT claims the project lacks utility and exhibits tactics consistent with exit scams seen in the Ordinals series.
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