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A group of disgruntled investors is demanding justice after a contentious nonfungible token (NFT) scheme reportedly went astray. Their case builds on the insights of the notable blockchain investigator ZachXBT, whose meticulous dissections of the case were brought to light on July 7.
An outfit named Boneheads, infamous for supposedly disappearing with about $3.1 million, is at the center of this legal turmoil in Canada. ZachXBT's thorough probe underscores allegations that Boneheads lavishly squandered the NFT proceeds on high-end commodities, including Bored Ape Yacht Club NFTs and more, without ever realizing their initial promises.
Ontario's Superior Court of Justice was the venue for this class-action lawsuit's original filing in mid-June. Boneheads is accused of breaking their agreement with investors, mismanaging funds, and engaging in fraudulent activities, among other issues, according to the June 19 claim statement.
Based on the court documents, the Boneheads team has failed to uphold any of the guarantees they made to their investors, with no tokens, physical collectibles, marketplace access, and more delivered as promised.
ZachXBT's explorations into the affair, dating back to July 14, 2022, and other subsequent posts, serve as the foundation of the case against Boneheads. His examination elucidated how Boneheads allegedly misused funds intended to uphold the project's original plans.
Despite a long social media hiatus, Boneheads swiftly replied to ZachXBT's revelations, claiming their venture wasn't fraudulent but rather a creative endeavor. They promised a new collection in August 2022 to coincide with their project's anniversary, which never materialized.
ZachXBT's dogged pursuit of the truth has aided in exposing illicit activities in the NFT industry on several occasions. The FBI managed to confiscate significant amounts of Ether and NFTs from a scammer earlier this year, thanks to ZachXBT's comprehensive investigations. Similarly, French cybersecurity authorities caught and charged a gang involved in a multi-million dollar NFT theft, again utilizing ZachXBT's sleuthing skills.
This landmark case in Canada represents another milestone in the fight against NFT malfeasance, again spotlighting the vital role of independent researchers like ZachXBT.
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