Built On An $6 Million NFT Scam? AI Company Accused Of Fraud By Internet Investigator
22 Mai 2024 - 9:00PM
NEWSBTC
Youtuber and Internet investigator Coffeezilla has called out
Artificial Intelligence (AI) company Rabbit for allegedly being
built on a $6 million non-fungible token (NFT) scam. The company is
accused of being responsible for the GAMA NFT Project “fraud” as
part of a history of lies. Related Reading: Fake NFT Project Hack?
CTO Vanishes After Allegedly Stealing 94 SOL Down The NFT Fraud
Rabbit Hole Stephen Findeisen, better known as Coffeezilla,
published a YouTube video calling out Rabbit Inc. for being built
on the remains of an alleged NFT fraud from 2021. The internet
investigator revealed that the company is seemingly trying to hide
its ties to the GAMA project. Coffeezilla unveiled the depth of the
AI company’s rabbit hole by claiming that, despite raising over $30
million in venture capital (VC), Rabbit used to be called Cyber
Manufacture Corporation. In 2021, the company raised over $6
million for its “next-generation NFT Project GAMA.” The project was
described as a decentralized organization “with the grand goal of
sending 10,000 astronauts into space to collect extraterrestrial
energy.” At the time, GAMA’s founder Jesse Lyu would make “wild
promises,” claiming the NFTs were just the start. According to the
YouTube sleuth, Lyu declared they would create “the first-ever
carbon-negative cryptocurrency powered by our sun.” The founder
promised to build a clean energy grid through NFT sales owned by
NFT buyers. The grid’s energy would be used to mine GAMA tokens.
However, the tokens were never launched, and the project seemed to
be abandoned. Its team replied to Coffeezilla’s request for
comment, stating that GAMA was not abandoned but “open-sourced.”
Moreover, they claimed a token was never promised, as Lyu said in
2021 that his words were not final. The team added that they live
in a country that “values free speech.” Nonetheless, the internet
investigator found that the “open-sourced” engine constantly
crashed and was non-functional after several tests. He also
highlighted that Lyu stated in several discord messages that the
project’s cryptocurrency was part of the roadmap. Based on this,
Coffeezilla questioned where the $6 million in funding went and
whether Lyu’s new project should be trusted. Another Rabbit In The
Hat? GAMA’s founder has embarked on a new project unrelated to
NFTs. His latest company, Rabbit, focuses on AI technology. The
company went viral in early 2024, raising $30 million in VC and
selling over $20 million in consumer products. Rabbit launched
their AI personal assistance device, Rabbit R1, on easter 2024.
However, the project has received a lot of backlash for not living
up to the hype and promises. Several tech reviewers concurred that
R1 was part of a trend of releasing “unfinished” products.
According to YouTuber Marques Brownlee, Rabbit’s product was
“barely reviewable” and the pinnacle of “delivering barely finished
products to win a race.’” Moreover, founder and CTO of WeGPT, Josh
Ollin, called the project a “scam” when R1 was announced. He also
pointed out on different occasions that the hype and interactions
around the company were “fake impressions” from bots. Ollin called
Lyu an “NFT grifter” and stated that his past behavior affected the
new project due to the “shady insincere fraudulent business
practices on display (fake engagement, fake bot followers, fake
tech stack, overpriced vaporware).” Coffeezilla stated a similar
sentiment in his video: So many of the promises of Gama didn’t
happen. This is relevant to the R1 not just because this project is
built on the skeleton of that scam project, it’s also because the
R1 is overhyped in a similar way. Related Reading: Altcoins ‘Maniac
Phase’ Preparing, Analysts Call For Next Leg Up As noted by the
internet sleuth, Lyu has diminished his links to GAMA NFT, calling
it a “fun little project” he was “involved with” during the
COVID-19 pandemic. Ultimately, he considers it important for users
to know the company’s “history of abandoning investors like they
did with GAMA NFT.” Featured Image from Unsplash.com, Chart from
TradingView.com
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