Rich Bulls Club raised $3.7M off of their projects mint and proceeded to slow rug pull the community. It was a 9,999 PFP collection with a mint price of 0.3 ETH that launched in December. Anytime a project launches at such a high mint price, without a legit founding team or goal, it’s always a red flag.
The collection offered various key terms on their roadmap depending on how much of the project sold out. It ended up selling out and unfortunately, the project’s roadmap wasn’t executed.
However, the Rich Bulls Club introduced something some of the NFT community found quite comedic; a mechanism that ‘banned’ your NFT if you listed below 3 ETH.
Rich Bulls Club is Supposedly Back in Motion
The founder of the project says the slow rug pull claims are baseless and the marketing funds have yet to be spent. They blamed this on the market conditions for the past 3 months, saying NFTs were in a bear period.
At one point they closed all their discord chats and Twitter because of all the negativity surrounding the project. To be fair, they weren’t transparent at all and several spent 0.3 ETH, so most felt the negativity was completely fair.
In the last 24 hours the Rich Bulls Club team gave the community an update on what will be happening moving forward. They apologized for the delay and are supposedly back to building, but trust is still a major issue. Further, the founder was able to transfer the $3M made directly into his Binance account.
All in all, the Rich Bulls Club team has provided the community with a first update in months, and we will see what transpires going forward.