The Boneheads crew is allegedly accused of contract violations, money theft, and deceiving investors, per court filings.
In a class action lawsuit against Boneheads, an alleged $3.1 million nonfungible token (NFT) rug pull, a class action lawsuit in Canada has cited independent blockchain investigator ZachXBT’s research. As ZachXBT tweeted on July 7, the investigation and claims made against the Boneheads squad were used as proof in the lawsuit.
The Ontario Superior Court of Justice first received the class action lawsuit in the middle of June. The lawsuit asserts, among other things, that the Boneheads team violated agreements with investors by failing to carry out the project’s plan, stealing money, and making false or careless representations.
ZachXBT’s inquiry of the Boneheads project, which was published on Twitter on July 14th, 2022, as well as further posts the following month, are mentioned in the court filing. ZachXBT’s study revealed how the initiative allegedly misappropriated cash meant to support the plan and named significant players in the effort.
The NFT industry has taken notice of ZachXBT’s investigation work for revealing fraudulent practices. His work has frequently been cited as evidence in court instances against bad offenders. His research has been used in this occasion to support the prosecution’s case against Boneheads.
The Boneheads project was accused of dissipating after minting NFTs and using the money to buy NFTs from the Bored Ape Yacht Club and other stuff rather than carrying out the promised roadmap. The Boneheads squad is being sued in an effort to have them answer for their claimed deeds.
It is important to note that ZachXBT’s efforts have in the past produced noteworthy results. Following a thorough investigation by ZachXBT in February, the FBI seized from a phishing scammer 86.5 Ether and NFTs valued at $100,000. His effort was essential in revealing the fraudulent practices and assisting in the return of stolen property.
Additionally, ZachXBT’s investigation helped France’s national cyber unit capture and file charges against a group of alleged phishing scammers who were accused of stealing NFTs worth $2.5 million. His study helped to support the prosecution’s case against the alleged con artists.
The use of ZachXBT’s research in court cases highlights the value of impartial investigators in spotting illegal activity in the NFT industry. It emphasizes the necessity of diligent due diligence and vigilantness on the part of investors to safeguard themselves against potential swindles and rug pulls.