Independent blockchain investigator ZachXBT’s investigative efforts have played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an alleged NFT rug pull amounting to $3.1 million.
On July 7, ZachXBT tweeted about the lawsuit, reiterating accusations that the Boneheads team vanished quickly and misused the minted funds on Bored Ape Yacht Club NFTs, luxury items, and other undisclosed purchases, failing to fulfill their promised roadmap.
ZachXBT expressed satisfaction that his research had once again been cited in a legal case.
The class-action lawsuit was initially lodged in mid-June in the Ontario Superior Court of Justice. The statement of claim, filed on June 19, accuses the Boneheads team of breaching their contract with investors by not delivering on the project’s roadmap, misappropriating funds, engaging in fraudulent and negligent misrepresentation, and other offenses.
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The filing emphasizes that none of the promised deliverables, including NFT airdrops, tokens, physical collectibles, marketplace access, forging, avatar applications, voting rights, giveaways, or other commitments, were fulfilled by the Boneheads NFT team.
ZachXBT’s contributions are referenced in the lawsuit, highlighting his investigation into the Boneheads project, which he shared on Twitter on July 14, 2022, along with subsequent posts in the following month.
In his initial Twitter thread, ZachXBT outlined how the project allegedly misused funds intended for supporting the Boneheads roadmap.
He also identified the key individuals involved in the project and documented their questionable actions.
Despite months of social media inactivity, the Boneheads team promptly responded to ZachXBT’s posts on Twitter, denying any scam allegations and attributing the project’s slow progress to a deliberate and creative process.
They also announced the release of a new collection called “21” on the project’s anniversary in August 2022, but no such collection ever materialized.
ZachXBT’s investigative work has now been instrumental in multiple cases targeting bad actors in the NFT space.
In February, the FBI seized 86.5 Ether and $100,000 worth of NFTs from a phishing scammer following an extensive investigation conducted by ZachXBT.
Additionally, in October 2022, France’s national cyber unit credited ZachXBT’s work in aiding their efforts to apprehend and charge a group of suspected phishing scammers who had allegedly stolen $2.5 million worth of NFTs.
ZachXBT’s ongoing commitment to investigating fraudulent activities within the blockchain and NFT sectors has proven invaluable in uncovering wrongdoing and holding accountable those responsible for defrauding investors and participants in these markets.
