Rabbit R1 Faces Allegations of NFT Scam by Coffeezilla

The well-known YouTuber and investigator Coffeezilla has criticized the startup behind the Rabbit R1 because, in his words, it was “built on a scam.” Coffeezilla frequently delves deeply into influencer scams.

Under the handle Coffeezilla, Stephen Findeisen has over 3.47 million subscribers. His most recent YouTube video was released on Tuesday, May 21, and about 1.5 million people watched it.

Coffeezilla claims that Rabbit Incorporation, the business that created the AI device known as Rabbit R1, was once known as Cyber Manufacturing Co. This name change allegedly occurred just two months before the release of the mobile assistant.

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He claims that in November 2021, Cyber Manufacture Co. raised $6 million for a project called “Next Generation NFT Project GAMA.”

Jesse Lyu, the CEO of Rabbit Incorporation, called GAMA “a fun little project.” However, according to Coffeezilla, the CEO and creator are far more committed to the idea than he first indicated.

Jesse Lyu is heard saying, “I don’t want to make GAMA, and none of us want to make GAMA as a hype and dump program,” in old Clubhouse clips that the YouTuber discovered. With millions of dollars in funding, this is a real team. In essence, we’re investing millions of dollars in it only to guarantee that it will be an extraordinary experience.

The founder then talks about the GAMA currency and how it might “become the first not only carbon neutral but carbon negative crypto 2.0 or Bitcoin 2.0,” according to the rest of the tape.

Coffeezilla now poses the following question to his audience: “But where are those millions? Where did it go when the firm transitioned to Rabbit? Did it go toward creating Rabbit, an entirely unrelated project?

He claims that the GAMA project’s investors have not yet received their money back, and he projects that they will total about $1 million.

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At the seven-minute mark, a pop-up on the screen asserts that Rabbit Inc. raised $6 million in venture capital specifically for the GAMA project, and that money was spent for that purpose alone.

How did Rabbit’s team respond to Coffeezilla after the viral R1 video?

The Rabbit Incorporation team responded to Coffeezilla’s inquiry on the GAMA project and potential refunds.

An NFT cannot be truly “refunded” until the owner consents to having it “burned” on the blockchain. Once more, we disagree with the notion that the GAMA project was “abandoned” when, in response to community feedback, it was made open-sourced and returned to the community.

” You quoted an allegation from Jesse, but it was taken out of context. A group of people were attempting to engage in malicious wash trading and NFT resale at the time. Jesse decided to buy back the NFTs from these sellers to preserve the equilibrium and order of the market and community and to stop that tendency from getting worse.

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