This evening a Twitter user Rug Pull Finder tweeted an open letter to the NFT community on Azuki. The findings in the letter came as a result of the blog post earlier released by Azuki’s pseudonymous founder Zagabond.
Comparing the definition of a rug pull with facts about Azuki
The open letter compared the definition of a rug pull with facts given by Azuki founder in the interview he granted.
The letter defined a rug pull as any project that shuts down or abandoned a project; drained its liquidity or funds from the project; with multiple direct wallet transfers; is active over time and failing to deliver on any component of its road map.
Based on this analysis the letter found Azuki founder Zagabond guilty of rug pulls in three projects – Tendies, Cryptophunks and Zunks.
We need to define creator expectations as a community
Zagabond in an interview with Andrew Wang explains how the NFT community needs to clearly define creator expectation. But from the perspective of the letter. While this is an important matter to be discussed, it still doesn’t absolve the founder of deception.
Allegations of Zagabond’s deception
The letter further pointed out that there were issues through out the Azuki journey. These issues include the exposing of Beanz metadata and clear market manipulations that took place pre-reveal. It also exposed an irregularity that might be the reason for the slump in Azuki floor price following the interview with Andrew Wang. The letter alleged a deceptive movement of millions of dollars following the interview.
The letter called for a better definition of a rug pull by the NFT community. It also added that people like Zagabond and all projects created with the proceeds of crime. And also creators who exploit projects for their own benefit should be ostracized from the NFT community.
The question that need to be answered; Azuki is a rug pull
Furthermore, the letter stated what it called a question that needs to be answered. According to the letter “The only true question that needs answered (and the answer is so obvious): If Azuki would not have the gained traction it did, would it have been a rug pull?”
And based on Zagabonds history the only answer to the question is yes. Furthermore, according to the letter “if the answer is yes then the only answer to whether Azuki is a rug pull is yes”.