Another NFT rug puller has gone into hiding after being exposed by the crypto and blockchain investigator Zachxbt. French e-commerce expert Soulaymane Mahzoul was revealed to be the mastermind behind the scheme.
It is speculated that he is the mastermind behind the $1.6 million NFT rug pull that is tied to the Crazy Camels NFT project.
There is speculation that he is involved in a number of other projects at the time.
Soulaymane Mahzoul’s rug pull journey
Soulay is the inventor of Crazy Camels, a pfp NFT project that began in October 2021 with a collection of 10,000 NFTs. It included presale prices of 0.1 ETH and public sale prices of 0.3 ETH.
Many of this identical rug pull instances start out similarly by promising lavish freebies and an entrepreneurial path.
As the presale went online, the entire endeavor was proceeding as anticipated. But at the public sale, the demand was comparatively less than projected, most certainly due to the mint price.
However, the team decided to cut the number of NFTs from 10,000 to 2,000 rather than lower the price of the token. In spite of this, the effort was successful in raising $1.6 million.
The entire team vanished not long after the conclusion of the sale of the property. As a result of the sales, Souley was able to pocket a total of 200 ETH, which is equivalent to $909k.\
Soulaymane Mahzoul, French E-commerce Guru Exposed as the Genius Behind $1.6 Million NFT Rug Pull
It is indeed insane to see an individual connected to several NFT projects, where most of them are rugs.
Zachxbt was able to obtain Soulay’s address by secretly contacting other address owners who were connected to the case. Zach is fairly certain that Soulay uses a number of different addresses.
The fact that they fleece investors, then disappears while leading opulent lifestyles is both upsetting and terrifying to witness. As is the case with Laurent, Soulay can be found living in Dubai at the present time. Zachxbt has also posted a tweet stating that he will be reporting Laurent and Soulaymane to the authorities in Dubai for their involvement in this incident.
Conclusion
The cryptocurrency community was taken aback when it was revealed that a French e-commerce expert by the name of Soulaymane Mahzoul was the mastermind behind the $1.6 million NFT rug pull. The event has demonstrated that the rapidly expanding non-traditional trading industry requires additional openness and rules.
Because of this, the very concept of NFTs has been brought into question, which has a severe negative impact on the faith that investors have in these instruments. Aymane Mahzoul Soulaymane Fraud and abuse have occurred on the market as a result of the absence of monitoring and regulation, and Soulaymane Mahzoul’s activities have demonstrated that investment in NFTs is fraught with significant dangers.
The cryptocurrency industry has, for a significant amount of time, been pleading for increased regulation and control. The fact that action must be taken has become even more apparent as a result of this tragedy. The establishment by players in the industry of a code of conduct as well as norms for openness and accountability is one solution that may be considered. On the other hand, there are many who believe that the government needs to step in and establish laws and regulations regarding the usage of cryptocurrencies and NFTs, in addition to setting up regulatory groups to ensure that these regulations are adhered to.
Scams involving NFTs and other fraudulent plans need to be addressed, and it is obvious that action needs to be taken in this area regardless of what happens next. The proliferation of NFTs has made it possible for artists, producers, and investors to make money in a variety of innovative ways. But this brand-new market also comes with a lot of hazards, and it’s vital to take efforts to limit these risks and make sure that the NFT market will be around for a long time to come.
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