ZachXBT Flags WEB3 Presale Over Squiggles NFT Rug and Raichu Fraud

ZachXBT issued a stark warning about a WEB3 token presale, flagging its ties to the 2022 Squiggles NFT rug pull and alleged scammer Raichu. The alert, posted on X, has sparked widespread concern, urging crypto investors to exercise caution. ZachXBT revealed that the presale, promoted via @web3, involves individuals linked to Squiggles, which defrauded investors of millions, and Raichu, a promoter tied to scams like Ancient Cats Club ($1.7 million) and Baller Ape Club ($2.6 million).

The WEB3 project’s X post instructed users to send SOL to a wallet for $WEB3 tokens, promising a later airdrop. ZachXBT’s investigation, echoed by Bubblemaps, exposed connections to NFT Factory LA, a group behind multiple failed projects like Sinful Souls and Lucky Buddhas. The Squiggles scandal saw 800 ETH ($2 million) funneled through shadow wallets, with OpenSea delisting the collection after scam allegations surfaced. Raichu, also known as Ryan, has been linked to over 50 fraudulent projects, often collaborating with celebrities to inflate hype before rug pulls.

Despite WEB3’s claims of transparency and a refunded private fundraising round, ZachXBT’s warning highlights red flags: anonymous teams, unrealistic promises, and lack of clear tokenomics. Investors face risks of liquidity issues and total loss if the project collapses. ZachXBT advises thorough due diligence, emphasizing the volatile nature of Web3 presales. As scams proliferate, his role as a crypto sleuth remains vital, protecting the community from bad actors.