On October 7th, Horlomite Research, dedicated to “exposing the largest fraudulent activities in the cryptocurrency and financial fields,” released several dynamic posts on social media X (formerly Twitter), pointing out that the funds used by NFT project Pudgy Penguins CEO Luca Netz to acquire Pudgy Penguins “100% came from four rug projects” and provided “on-chain evidence.”
Table of Contents:
· CEO’s response: Rebuilding the community and building Web3 IP in the right way
· Community comments: This is Yuga diversifying public opinion focus
CEO’s response: Rebuilding the community and building Web3 IP in the right way
In response to this, Luca Netz himself quickly responded on X, recounting his employment experience since high school and his entrepreneurial journey over the past 8 years. He also retweeted a dynamic post with the content “They hate to see us win.” It is suspected to be a response to the questioning of Horlomite Research’s investigation.
In the evidence provided by Horlomite Research, it is pointed out that Luca had “shoplifted,” became a “drug dealer” after dropping out of school at the age of 16, and later engaged in “selling fake jewelry” and “engaging in business fraud” and other activities. Afterwards, he entered the cryptocurrency industry, obtained funds from projects such as SBCC, SBMP, DGU, DS, CNK, and then started the Pudgy Penguins project.
Horlomite Research stated on X: “Luca Netz and other accomplices will definitely go to jail for their crimes, they have committed dozens of securities fraud. But don’t worry, I believe @wagieeacc can provide some good prison advice.”
Luca also posted several dynamic posts to refute the accusations made by Horlomite Research, especially regarding the questioning of rug funds. Luca stated, “In 2019, I deployed $3 million in 15 different companies, including shoe stores (CNK), Saas products (SSB), and other brands. During the COVID-19 pandemic, many brands were affected, including the physical business of CNK. I gave them a loan to sustain their survival, and eventually repaid the loan when the CNK team decided to launch the NFT project.”
Community comments: Yuga diversifying public opinion focus
Regarding this matter, some community users expressed that Luca is “creating value rather than extracting value,” while others pointed out that Luca did not respond to the other projects mentioned in Horlomite Research’s article that were suspected of being rug projects.
Decentralizd, the founder of NFT project DystoWassies, believes that the sudden accusations against the founder of the Pudgy Penguins project by Horlomite Research may be a move by Yuga, who is also an NFT project, to divert public opinion: “I heard that Yuga funded today’s round of Pudgy FUD financing to divert attention from the fact that their company is slowly failing.”
Yuga Labs announced that it will undergo a team restructuring in order to better focus its team on core priorities, sparking discussions within the community. Perhaps in Luca’s forwarded message, the word “They” in the phrase “They hate to see us win” has a specific meaning.
Prior to the interview with Luca by BlockBeats, Luca stated that “Pudgy Penguins is a ‘Trojan horse’ in the real world.” And just 10 days ago, Pudgy Penguins officially went on sale on Amazon.
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