Solana (LEFT), Second largest cryptocurrency by total market capitalization Ethereum‘Fame (ETH) leading to competition in the DeFi-dominated world. Despite this competitive environment created by SOL, especially fraud-oriented projects in the network complicate this situation. The last example was the NeoNexus project.
NEONEXUS Made Rug Pull
Solana-based NFT project NeoNexusThe founder stressed that the team is no longer developing the project and that the drop in SOL prices is the main reason for this. In a statement on Twitter, Jack Shi emphasized that they have officially terminated the project. In the continuation of this, it was emphasized that the project will be transferred directly to the community and the development will continue like this.
After Jack Shi’s statement, the community began to tweet very angry. It is known that the project earned 25,000 SOLs from NFT sales, and with the prices of that period, it can be said to be close to 4.5 million dollars. The founder, on the other hand, terminated the project, using the excuse that the price has halved since then.
It is with a heavy heart that we must inform you that we can no longer continue healthy development of the NEONEXUS project. We would like to hand over the project to our community, or a community-selected party for takeover if that’s feasible / possible.
I’m deeply sorry,
jack— neonexus_world (@neonexus_world) March 21, 2022
The community, on the other hand, points to Shi’s previous posts, revealing where the money actually went. It turned out that Shi shared a photo of a very luxurious car in November and showed off.
So this project raised $4m from multiple NFT drops and somehow runs out of the funds after just a few months?
Here’s the founder flexing back in November. https://t.co/NzTyumRyuN pic.twitter.com/i7Y45VSAKD
— zachxbt (@zachxbt) March 21, 2022
The NEONEXUS team has sold NFTs to quite a few people and it seems that the site is currently offline. Although it is not known exactly how the project will be brought to the community, the angry community on Twitter has now started sharing Shi’s address and such information.