Rich Bulls Club raised $3.7M off of their projects mint and proceeded to slow rug pull the community. It was a 9999 PFP collection with a mint price at 0.3 ETH that launched in December. Anytime a project launches at such a high mint price, without a legit founding team or goal, its always a red flag.The collection offered various key terms on their roadmap dependant on how much of the project sold out. It ended up selling out and of course the projects roadmap wasn’t executed.This is a diagram from zachxbt showing what a slow rug pull is like; very similar to what Rich Bulls Club has done. Credit: @zachxbt on TwitterHowever, the Rich Bulls Club introduced something some of the NFT community found quite comedic; a mechanism that ‘banned’ your NFT if you listed below 3 ETH.Rich Bulls Club is Supposedly Back in MotionThe founder of the project says the slow rug pull claims are baseless and the marketing funds have yet to be spent. They blamed this on the market conditions for the past 3 months, saying NFTs were in a bear period.At one point they closed all their discord chats and Twitter because of all the negativity surrounding the project. To be fair, they weren’t transparent at all and several spent 0.3 ETH, so most felt the negativity was completely fair.In the last 24 hours the Rich Bulls Club team gave the community and update on what will be happening moving forward. They apologized for the delay and are supposedly back to building, but trust is still a major issue. Further, the founder was able to transfer the $3M made directly into his Binance account.All in all, the Rich Bulls Club team has provided the community with a first update in months, and we will see what transpires going forward.Are you tired of missing important NFT drops?Just check out our NFT Calendar!Receive the biggest NFT news of the day & recommendations in our Daily newsletter. All investment/financial opinions expressed by NFTevening.com are not recommendations.This article is educational material.As always, make your own research prior to making any kind of investment.
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Rich Bulls Club Reactivates After NFT Sleuth Calls Them A “Slow Rug Pull”
