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Youtuber and Web investigator Coffeezilla has referred to as out Synthetic Intelligence (AI) firm Rabbit for allegedly being constructed on a $6 million non-fungible token (NFT) rip-off. The corporate is accused of being accountable for the GAMA NFT Challenge “fraud” as a part of a historical past of lies.
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Down The NFT Fraud Rabbit Gap
Stephen Findeisen, higher often called Coffeezilla, revealed a YouTube video calling out Rabbit Inc. for being constructed on the stays of an alleged NFT fraud from 2021. The web investigator revealed that the corporate is seemingly making an attempt to cover its ties to the GAMA undertaking.
Coffeezilla unveiled the depth of the AI firm’s rabbit gap by claiming that, regardless of elevating over $30 million in enterprise capital (VC), Rabbit was once referred to as Cyber Manufacture Company.
In 2021, the corporate raised over $6 million for its “next-generation NFT Challenge GAMA.” The undertaking was described as a decentralized group “with the grand objective of sending 10,000 astronauts into area to gather extraterrestrial power.”
On the time, GAMA’s founder Jesse Lyu would make “wild guarantees,” claiming the NFTs had been simply the beginning. In accordance with the YouTube sleuth, Lyu declared they might create “the first-ever carbon-negative cryptocurrency powered by our solar.”
The founder promised to construct a clear power grid by NFT gross sales owned by NFT consumers. The grid’s power could be used to mine GAMA tokens. Nevertheless, the tokens had been by no means launched, and the undertaking appeared to be deserted.
Its crew replied to Coffeezilla’s request for remark, stating that GAMA was not deserted however “open-sourced.” Furthermore, they claimed a token was by no means promised, as Lyu stated in 2021 that his phrases weren’t closing. The crew added that they reside in a rustic that “values free speech.”
Nonetheless, the web investigator discovered that the “open-sourced” engine continually crashed and was non-functional after a number of checks. He additionally highlighted that Lyu acknowledged in a number of discord messages that the undertaking’s cryptocurrency was a part of the roadmap.
Primarily based on this, Coffeezilla questioned the place the $6 million in funding went and whether or not Lyu’s new undertaking must be trusted.
One other Rabbit In The Hat?
GAMA’s founder has launched into a brand new undertaking unrelated to NFTs. His newest firm, Rabbit, focuses on AI expertise. The corporate went viral in early 2024, elevating $30 million in VC and promoting over $20 million in client merchandise.
Rabbit launched their AI private help gadget, Rabbit R1, on easter 2024. Nevertheless, the undertaking has obtained a variety of backlash for not residing as much as the hype and guarantees.
A number of tech reviewers concurred that R1 was a part of a development of releasing “unfinished” merchandise. In accordance with YouTuber Marques Brownlee, Rabbit’s product was “barely reviewable” and the head of “delivering barely completed merchandise to win a race.’”
Furthermore, founder and CTO of WeGPT, Josh Ollin, referred to as the undertaking a “rip-off” when R1 was introduced. He additionally identified on totally different events that the hype and interactions across the firm had been “faux impressions” from bots.
Ollin referred to as Lyu an “NFT grifter” and acknowledged that his previous conduct affected the brand new undertaking because of the “shady insincere fraudulent enterprise practices on show (faux engagement, faux bot followers, faux tech stack, overpriced vaporware).”
Coffeezilla acknowledged an identical sentiment in his video:
So most of the guarantees of Gama didn’t occur. That is related to the R1 not simply because this undertaking is constructed on the skeleton of that rip-off undertaking, it’s additionally as a result of the R1 is overhyped in an identical manner.
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As famous by the web sleuth, Lyu has diminished his hyperlinks to GAMA NFT, calling it a “enjoyable little undertaking” he was “concerned with” throughout the COVID-19 pandemic.
Finally, he considers it necessary for customers to know the corporate’s “historical past of abandoning traders like they did with GAMA NFT.”
Featured Picture from Unsplash.com, Chart from TradingView.com
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