ZachXBT: The zkSNARKs project, similar to the Ordinals scam, raised $17 million with zero utility. According to on-chain analyst ZachXBT, the recent zkSNARKs 10K PFP NFT project launched on the Zcash chain is suspected of rug-pulling. The project attracted 16,971 bids through a blind auction, ultimately allocating 8,000 NFTs at a clearing price of 1.5 ZEC (~$2,190), generating a total trading volume of 25,305 ZEC (~$36.94 million). Refunds of 13,309 ZEC (~$19.43 million) have been progressively 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” tactics seen in Ordinals-style schemes. https://t.co/0BMuVdgrQM
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