Project Shura Rug Pulls for Over $1.7M

Quick take:

• Zachxbt exposed anime-inspired Project Shura for a rug pull.
• The team shilled the community and disappeared with $1.7 million.

NFT scams and rug pulls are happening on a larger scale and are getting out of hand. Thankfully, there are several  “crypto detectives and investigators” working to unmask these scams and keep the community safe.

Zachxbt has exposed several influencers and projects before. His most recent addition is Project Shura. One of the many anime-inspired NFT projects popped up following Azuki.

Project Shura’s $1.7m rug pull

Shura's website is offline now. But the minting for the project went live in early January. The mint price was fixed at 0.09 ETH with a limited supply of 5,500 NFTs.

The roadmap had all its unfulfilled visions, including free merch to holders, P2E games, and more. They even collaborated with a Youtuber called JRNY to promote the project. The team began to distance itself from the project after the launch. They even completely disappeared for a month in February.

They reappeared on March 16, saying they had taken a break, but they will be back on track soon. They also deleted all the channels and chats due to ‘FUD.,’ But the team seems to have made no progress, and as of April 18, the floor price is 0.

Zach tried to track the outflow of the funds. He found out that out of the 495 ETH, the majority was split between 4 of the wallets. One thing that stood out was 133 ETH from it being moved to a public wallet. The user was identified to be @RoySaito_ETH.

The user received 27% of the funds from Project Shura. He had used the funds to flip Azuki’s in January. Zach identified him through a Twitter bot that notified him when he purchased the Azuki 6541. To confirm this, RoySaito also announced an Azuki 4889 giveaway that confirmed that he owned the wallet. But that giveaway never happened.

RoySaito has recently started another project called the NFTSHOUNEN, but it seems to lack sales. RoySaito appears to have seen Zach's thread, and he protected his tweets. Zach has also tagged Australian authorities to make them aware of the rug.