ZachXBT Slams zkSNARKs: Calls It an Ordinals Scam, Raised $17 Million With Zero Practical Utility
On-chain analyst ZachXBT (@zachxbt) disclosed that the recently launched 10K PFP NFT project zkSNARKs on the Zcash chain is allegedly a rug pull. The project attracted a total of 16,971 bids via a blind auction, ultimately completing the allocation of 8,000 items at a clearing price of 1.5 ZEC (approximately $2,190). Total trading volume reached 25,305 ZEC (approximately $36.94 million), and refunds totaling 13,309 ZEC (approximately $19.43 million) have been progressively returned. ZachXBT noted that the project raised approximately $17 million, while incorporating a 10% team allocation, 5% royalties, and a minting fee of around $2,000, yet offered zero utility. This mirrors the typical "rug pull" strategy commonly seen in Ordinals-style projects.