Azuki NFT Collection Faces Lawsuit Amidst Controversy
Azuki's founder faces a potential lawsuit from the founder of CryptoPhunks, another NFT collection, who has accused them of fraud.
The CryptoPhunks founder threatened legal action and made allegations against Azuki’s founder, calling them a “pathological liar and serial criminal.”
They claimed to have spent over a year tracking them down to recover $3 million in USDC, alleging that Azuki and their team have extracted over $100 million from their communities.
Azuki was a well-known NFT collection that faced controversy. They recently launched a new collection called Azuki Elements, consisting of 20,000 NFTs with a starting price of 2 ETH.
However, the expansion’s auction was criticized for not being significantly different from the original collection, causing the floor price to drop. Nonetheless, it still managed to raise 20,000 ETH. Azuki established a DAO in an attempt to address the issues, but its success is uncertain.
READ MORE: Tim Draper: Bitcoin’s Price Surge to $250K Delayed, But Not Derailed
CryptoPhunks, created in July 2021 as a punk version of CryptoPunks, has also faced criticism. Its founder, Pauly0x, received over $1.1 million in ETH within a day by soliciting donations without offering anything in return.
Surprisingly, people still sent him ETH, with the largest donation reaching $13,000.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
