Azuki's founder apologizes for past actions! Announces remedial measures, but secondary market prices still remain sluggish.
Azuki's anonymous founder ZAGABOND publicly shared the entrepreneurial journey of his NFT project yesterday, causing a significant negative impact on the community atmosphere and market prices. Today, in order to give an account to the community and previous projects, he sincerely apologized to the community and proposed remedial measures. However, the market performance still seems to be sluggish.
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ZAGABOND Follow-up Actions
"I realize that I have been lacking in dealing with the projects I created previously, to the community I abandoned, to the Azuki holders, and to those who believed in me, I am truly sorry," ZAGABOND said.
ZAGABOND revealed in yesterday's post the NFT projects he had created in the past. Although these experiences nurtured Azuki, the community frowned upon his abandonment of past projects. Today, he apologized for his past actions and proposed several remedies:
- Completely transfer the contract control of previous projects to the community
- Fairly redistribute the funds from previous projects
- Enhance transparency of Azuki and communicate effectively
Detailed plan specifics will be announced soon. ZAGABOND also promised to address other issues raised by the community on Discord.
Analysis of ZAGABOND's Behavior
1/ With the recent drama surrounding the Azuki founder Zagabond it’s clear there’s confusion in the community as to what constitutes a rug pull for NFTs.
Here’s a ~thread~ with my thoughts on the topic.
— ZachXBT (@zachxbt) May 10, 2022
ZachXBT categorizes Rug Pull behaviors into two main types: hard and soft. Hard Rug Pulls are usually more blatant, where teams suddenly shut down their social media and websites and run off with the funds after minting ends. Soft Rug Pulls often involve teams not completely disappearing and giving the community the illusion of what they are actually building.
However, besides these two types, team "repeatedly ignoring" can also be considered a form of Rug Pull. Observations can be made regarding the following conditions:
- Is the team actively engaged in community activities?
- Is the team profitable?
- Is the team lying?
- If the team abandons the project, will they transfer ownership to the community?
If there are multiple instances of team negligence, ZachXBT believes this also qualifies as a form of Rug Pull.
In the case of ZAGABOND, he exhibited the following behaviors:
- Made over 3 million USD profit within two months through 3 projects, at least 1000+ ETH
- Abandoned shortly after minting ended
- Involved in 3 projects with different identities and wallets
- Did not hand over project community and contract control
Therefore, despite ZAGABOND's continuous claims of fulfilling all promises to the community, ZachXBT still considers ZAGABOND's behavior a form of Rug Pull.
Azuki Secondary Market Continues to Struggle
Despite ZAGABOND's efforts to reassemble community consensus, the price of Azuki continues to decline compared to yesterday's price of about 15 ETH. The current price in the secondary market is around 10.5 ETH, approximately 25,000 USD.