Another NFT rug puller is on the run after crypto and blockchain detective Zachxbt exposed him. The exposed mastermind is a French e-commerce guru, Soulaymane Mahzoul.
He is alleged to be the curator of the $1.6 million NFT rug pull connected to the Crazy Camels NFT project.
He is alleged to be connected to several other projects at the moment.
Soulaymane Mahzoul French E-commerce Guru Exposed as the Genius Behind $1.6 Million NFT Rug Pull 5
Soulaymane Mahzoul’s rug pull journey
Soulay is the originator of Crazy Camels, a pfp NFT project that began in October 2021 with a collection of 10,000 NFTs. It featured presale prices of 0.1 ETH and public sale prices of 0.3 ETH.
Many of these similar rug pull incidents start out similarly by promising expensive giveaways and an enterprising roadmap.
As the presale went live, the entire project was moving as planned. But during the public sale, the demand was comparatively less than expected, most presumably due to the mint price.
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But rather than reducing the price of the NFT, the team reduced the supply to 2k from 10k. The project still managed to bring in $1.6m.
Soon after the sale came to a conclusion, the entire team disappeared. Souley got himself a bag of 200 ETH( $909k) from the sales.
Soulaymane Mahzoul, French E-commerce Guru Exposed as the Genius Behind $1.6 Million NFT Rug Pull
Disappointed CC project community members decided to step up and bring the project back to life without the proceeds.
Zachxbt took a deeper look inside Souley’s address and found some interesting insights. It was evident that he was a part of numerous rugs.
He had an inflow of funds from projects, including $203k from metab_nft, $160k from TheMetaStars, $82k from missuniversenft (RUG), and $50.2k from fashionapenft.
It is indeed insane to see an individual connected to several NFT projects, where most of them are rugs.
Zachxbt managed to get Soulay’s address by anonymously reaching out to related address owners. Zach is quite sure that Soulay has other addresses.
It’s pretty sad and scary to see that they loot investors, vanish, and live their lives lavishly. Soulay is currently residing in Dubai, just like Laurent. Zachxbt has also added a tweet about filing a report against both Laurent and Soulaymane with the Dubai police.
Conclusion
The crypto world was shocked when it came out that the $1.6 million NFT rug pull was planned by a French e-commerce expert named Soulaymane Mahzoul. The event has shown that the NFT market, which is growing quickly, needs more openness and rules.
The whole idea of NFTs has been called into question because of this, and investors’ trust has been seriously hurt. Soulaymane Mahzoul Lack of monitoring and regulation in the market has led to fraud and abuse, and Soulaymane Mahzoul’s actions have shown that investing in NFTs comes with serious risks.
Since a long time ago, the crypto industry has been asking for more regulation and oversight. This incident has made it even more clear that something needs to be done. One possible answer is for industry players to set up a code of conduct and standards for openness and accountability. Others, though, say that the government needs to step in to make laws and rules about how cryptocurrencies and NFTs can be used and to set up regulatory groups to make sure these rules are followed.
No matter what is done, it is clear that something needs to be done about NFT scams and other fraudulent plans. The rise of NFTs has given artists, producers, and investors a lot of new ways to make money. But this new market also comes with a lot of risks, and it’s important to take steps to reduce these risks and make sure the NFT market will be around for a long time.
It’s important to remember that Soulaymane Mahzoul’s story shows that you don’t always have to be honest to be successful. It is important for people and businesses to put honesty and ethics first in their business practices and not let the desire to make money override their morals. This shows how important it is for everyone in the business to act ethically and responsibly in order to build a market that people can trust.
In the end, Soulaymane Mahzoul’s NFT rug pull is a cautionary tale for the cryptocurrency business. It shows the risks of investing in markets that aren’t controlled and reminds us how important it is to act ethically in all parts of business. People are calling for more control and oversight in the NFT market because of what happened, and it is important that something is done to stop similar things from happening in the future. By working together, the industry can make the NFT market more open, trustworthy, and long-lasting, which is good for everyone.
