NeoNexus Team Calls It Quits; Immediately Accused of Rug Pull

Key Takeaways

  • The founding father of NeoNexus has introduced that the venture would not be supported by both himself or the workforce.
  • He prompt a group takeover as one doable method the venture would possibly survive.
  • The workforce raised thousands and thousands of {dollars} solely to expire of funds inside solely round three months.

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The workforce behind NeoNexus, an NFT venture within the Solana ecosystem, has appealed to the group to take over the venture, because it might “not proceed wholesome improvement of the NEONEXUS venture.” 

NeoNexus Founder Folds

NeoNexus’ founder has admitted defeat. 

At present, the founding father of the NeoNexus NFT venture, Jack Shi, declared that the workforce behind the venture can be dissolving and that the group must take over to ensure that progress to proceed sooner or later. Estimates counsel the venture raised round 25,000 SOL tokens, which is price over $2 million at as we speak’s costs, although they had been price extra on the time the collections had been minted. 

On NeoNexus World’s official Twitter learn

“It’s with a heavy coronary heart that we should inform you that we will not proceed wholesome improvement of the NEONEXUS venture. We wish to hand over the venture to our group, or a community-selected get together for takeover if that’s possible/doable. I’m deeply sorry, Jack.” 

On Discord, Shi claimed that “the exercise, quantity, and curiosity within the entirety of the Solana NFT area have decreased” and that the workforce has had difficulties in elevating more cash. The workforce ran out of cash, he wrote, and added that the “whole workers” of greater than 20 individuals can be laid off by the top of the month. 

Some have referred to as for authorized motion. One consumer going by “makinmarkets” informed Crypto Briefing that they’d “gotten some curiosity in partaking [with] counsel for a possible class motion engagement, however haven’t began outreach into [their] community as of but.” 

The prolific “zachxbt,” recognized for usually figuring out questionable habits within the crypto area, wrote, “So this venture raised $4m from a number of NFT drops and one way or the other runs out of the funds after just some months?” He included an image of Jack Shi “flexing” in a luxurious automotive from November.

Different non-fungible token tasks entered the dialog, seemingly hoping to ameliorate the injury accomplished to some customers, whereas additionally highlighting their very own venture. For instance, Pirate Catz tweeted that they had been with “anybody who acquired sluggish rugged” by NeoNexus, including that the primary 15 to ship the message “NEONEXUS” on the Discord can be granted rights to a free mint. 

At press time, Jack Shi had not responded to Crypto Briefing’s request for remark.

Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, and a number of other different cryptocurrencies. 

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