OpeNFT Investors Get Lawyers Involved After Project Is Branded A Rugpull

It has been confirmed that lawyers are now involved in the OpeNFT project, representing the investors who were rugged over a year ago. OpeNFT, at the time, headed by @nftmachine, claimed that they were OpenSea’s next big competitor. This was until he raised 277 ETH of investment from 130+ people before he allegedly “ran away” to buy NFTs.

What Happened with OpeNFT?

To summarise, OpeNFT, started by NFTMachine, raised 277 ETH from 130+ investors. Then he allegedly didn’t provide anything of value and ran away. At one point in the build-up, users began to get concerned about the numerous delays in the launch, before being immediately banned.

When 0xShual stepped in and asked questions, NFT Machine openly admitted that he was going to buy NFTs. His reasoning? “because it’s my ETH”. Since then, the project has been labelled a rugpull, and we’ve not really heard much from NFT Machine.

You can read the full thread from 0xShual on Twitter, which dives into the case in detail here. Both OpeNFT and NFT Machine are on Twitter, however, both accounts’ Tweets are protected.

Lawyers are Now Getting Involved

Lawyer, Kevin Homiak recently tweeted saying that his firm, Homiak Law LCC is representing “several members of the community who lost a significant amount of money investing in the OpeNFT project”. This was in response to a thread from @0xShual explaining the rugpull. It has been a year since the founder opened the Telegram chat.

Homiak confirmed that his firm is no longer onboarding further clients to do with the case. However, he has encouraged people to get their attorneys to DM or email him so that they can coordinate their efforts.

There has been a relatively good response to Homiak’s firm stepping in to deal with this case from the NFT community as a whole. One user said, “this is a necessary (and) important step in web3”, with another adding: “glad to see progress in this”.