Gripeo Logo Orange and White
  • About
  • Consumers
    • Consumer News
    • Consumer Reviews
    • Red Flags
  • Business
    • Recommended Business
    • Expert Opinions
    • Success Stories
  • Resources
    • Guest Articles
    • Official Updates
    • Press Releases
  • Contact Us
  • Submit a Review
Reading: Soulaymane Mahzoul: The Genius Behind $1.6 Million NFT Rug Pull
Share
GripeoGripeo
Font ResizerAa
Search
  • About
  • Consumers
    • Consumer News
    • Consumer Reviews
    • Red Flags
  • Business
    • Recommended Business
    • Expert Opinions
    • Success Stories
  • Resources
    • Guest Articles
    • Official Updates
    • Press Releases
  • Contact Us
  • Submit a Review
Have an existing account? Sign In
Follow US f6scrunchbase
Gripeo > Blog > Red Flags > Soulaymane Mahzoul: The Genius Behind $1.6 Million NFT Rug Pull
Red Flags

Soulaymane Mahzoul: The Genius Behind $1.6 Million NFT Rug Pull

Last updated: September 19, 2023 4:32 am
GripeO - Web Desk
Published: September 19, 2023
Share
Soulaymane Mahzoul
SHARE


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

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.

Read Also – PLC Ultima Ponzi Scam Exposed

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.

AVvXsEjaHrtEwdc7uC6QnN7b1ZZHbIXGyROxTbCPc8qn5yWsK80PV9sWzZHh JxENVKpBRhqoB0q4n2hAnu0iLV9v7TOy488LzdFTxJXNGWp2O4BPztfYO6R62GfgKJzD0w8AyyPxfM1PO8Y0iCGnlnAiWI2j21bwMOVQ LM3KJFyczx05Hg m3xQm9F5H56=w636 h332

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.

AVvXsEibFht3MWJyFKEfbwRoys57vtEuES3moPMOMSHHVEs8kG2837lspLoD7GAmeYm UJ7mzfFxhE5OlLafpsdyOPbtQIP0SEZ6S6tdcvdHzVDN3xX1pv8R s0 MjBMznykFX6I1ze7hjPtox9LhSHkuW7FLEoin gnN0p0i3Qm Qj7GPYbG DgizVWv5=w576 h545

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.

TAGGED:Soulaymane Mahzoul
Share This Article
Facebook Email Print
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FacebookLike
XFollow
InstagramFollow
CrunchbaseFollow

LATEST NEWS

banner banner
SUBMIT REPORT
Share your thoughts and insights with a vast community of consumers.
Report Now →
Pat Mazza

Pat Mazza: Arrested for Defamation and Threats

GripeO
November 27, 2023
Eteric Power: Is It a Ponzi Scam? Revealing The Truth
Continental Immigration: Client’s Feedback Exposed the Truth
Heath Ritenour – RICO Charged For Criminal Involvement. Exposed Its Stock Manipulation
Invesco Financial: Are they Trustworthy for Investment?
Gripeo Logo Orange and White Gripeo Logo Orange and White
  • News
  • Reviews
  • Red Flags
  • Expert Opinions
  • Success Stories

Gripeo is the leading social platform for consumers to share their experiences with businesses and others. We thrive on helping the marketplace become less ambiguous and more transparent.

Information

  • Home
  • About
  • Official Blog
  • Our Services

Our Policies

  • Terms of Services
  • Privacy Policy
  • User Guidelines
  • Sitemap

© Gripeo. All Rights Reserved.

Follow US on Socials

f6scrunchbase
Gripeo Logo Orange and White
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

Not a member? Sign Up