Fake hype on Crypto NFTs: Squiggles NFT

Fake hype on Crypto NFTs: Squiggles NFT 3

A YouTuber exposed fake crypto NFTs projects, which was trying to trick the NFTs investors to go with Investment easily. 

Coffeeville is a YouTuber with over 945,000 subscribers. On 17 February, this YouTuber published a video on Squiggles NFTs project and unearthed the possible ongoing scam, that was able to make $20 million worth of funds for the project runners through the scam. 

According to this YouTuber, the project team behind the Squiggles NFTs used its fund with a total of 800 Ethereum coins to split funds into Multiple wallets accounts to trade himself ( buy and sell to himself) to show that project is under very big scale hype, to trick the NFTs investors easy to force to invest. 

After these raised questions against Squiggles NFTs, it got delisted from the biggest NFTs Marketplace OpenSea. On these things, the team of Squiggles NFTs said that they will talk on this matter with OpenSea. 

However, researchers failed to find out why they sold their NFTs collectibles at a loss, whether there was some kind of trick or something else. But on these allegations, an individual published a video and claimed that all these allegations are wrong. 

“Some weird accusations, not sure where they come from or how I’m tied. Exactly. I have no bad intentions. I would never hurt anyone physically, financially, or mentally. It’s not in me. I’m all about my morals,” he said.

According to the YouTuber, the founder of this project tried to use the verified Twitter account to facilitate some better level of manipulation to make money. 

Reportedly, when people asked about such allegations on the official Discord channel of this NFTs project then they get banned by the admins. 

Beside all these, research & investigation found that member of this project was found in past few scam Ponzi scheme based scammy projects.

Fake hype on Crypto NFTs: Squiggles NFT 2

NFTs may be the reason for the next bear market 

No doubt the NFTs concept introduction in the crypto industry resulted in a very big change in this space but many people believe that it is associated with some high-level scams and illegal activities like money laundering & terrorist funding.

On 30 January, Chris Burniske, former leader of Ark invest claimed that the NFTs trend is just like the ICOs of 2017 and the next bear will follow the identical situation, where ICOs will be replaced by NFTs projects.

Read also: Sec filings reveal financial institutions interested in Bitcoin