A fresh wave of controversy surrounds Azuki following the launch of Azuki Elementals. The blue-chip brand’s newly formed DAO aims to retrieve a staggering 20,000 ETH from Zagabond, also known as Alex Xu, the founder of Azuki. Let’s dive in!
- The Azuki DAO, a group of Azuki enthusiasts, initiated a proposal on July 2nd to take legal action against the founder, Zagabond, seeking to recover $39 million worth of ETH earned from the “Elementals” NFT collection.
- Doubts have arisen about the authenticity and origin of the Azuki DAO, with suspicions of potentially fraudulent or malicious intentions.
- Founder of CryptoPhunks, Pauly, has escalated tensions by threatening legal action against Azuki’s founder, Zagabond, with explosive allegations.
- Azuki Elementals’ recent launch faced intense criticism, with NFT holders and the broader community expressing grievances over the sale process and the value of existing NFTs in the collection.
Azuki DAO Seeking $39 Million from Founder Amidst FUD
The Azuki DAO, comprising a self-proclaimed “dedicated group of Azuki enthusiasts,” initiated the proposal on July 2nd. Essentially, they are seeking to employ legal measures against the founder, Zagabond, for allegedly ‘rugging’ multiple projects. The primary target is to recover $39 million worth of ETH earned from Azuki’s contentious Elementals NFT collection. The plan is to allocate any retrieved funds back to the DAO with the intention to bolster the growth of the entire Azuki community.
Despite claiming to be comprised of “OG Azuki holders,” the community has raised doubts about the origin and authenticity of the Azuki DAO and its relationship with the Azuki project. Many suspect it to be either a fraudulent entity or one with malicious intentions.
Moreover, the founder of CryptoPhunks, known as Pauly, has escalated tensions with the Azuki NFT collection. They are also threatening legal action against its founder, Zagabond. Pauly stated, “We stand ready to assist the Azuki community in their pursuit of legal action against Zagabond.”
The accusations didn’t stop there. In fact, Pauly disclosed that they had spent over a year tracking down Zagabond to recover an astounding $3 million in USDC. Allegedly, Zagabond obtained the funds through fraudulent means. Adding fuel to the fire, the CryptoPhunks founder asserted that Zagabond and his team had siphoned off “well over $100 million from our communities.”
Azuki Elementals NFT Launch Under Fire
Now, let’s take a look at Azuki Elementals. In essence, the recent launch has been met with intense criticism. After a community airdrop, the remaining Azuki Elementals NFTs were made available for purchase. But, it quickly became apparent that the sale was far from fair.
Furthermore, the entire collection was swept up in private sales within a staggering 15 minutes. This generated a jaw-dropping $38 million for the Azuki team. The aftermath of the launch triggered a torrent of dissatisfaction. Numerous grievances emerged. These included the minuscule presale window, technical glitches during the minting process due to an overloaded website, and dissatisfaction with the perceived lack of originality in the artwork. Thus, the floor price throughout Azuki’s entire ecosystem went down.
As the controversy deepens, the Azuki team faces increasing scrutiny from the community. Many are eagerly awaiting how the situation will unfold!