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Pudgy Penguin CEO accused of using funds from Rug project for acquisition, community comments 'This is FUD sponsored by Yuga Labs'.

Cointime Official

Author: Sharon and Jack

On October 7th, Horlomite Research, dedicated to "exposing the biggest fraud in the cryptocurrency and financial industry," posted several tweets on social media X (formerly Twitter), pointing out that the funds used by Pudgy Penguins CEO Luca Netz to acquire Pudgy Penguins were "100% from four rug projects," and provided "on-chain evidence."

CEO Response: Building Web3 IP in the Right Way Since Community Reconstruction

Regarding this, Luca Netz himself quickly responded on X, recounting his employment experience since high school and his entrepreneurial journey over the past 8 years. He also retweeted a post that said "They hate to see us win.", which appears to be a response to the questioning of Horlomite Research this time.

Evidence provided by Horlomite Research indicates that Luca was involved in "shoplifting", became a "drug dealer" after dropping out of school at the age of 16, and later engaged in activities such as "selling counterfeit jewelry" and "engaging in commercial fraud". After that, he entered the cryptocurrency industry and obtained funds by rug pulling from projects such as SBCC, SBMP, DGU, DS, and CNK, and subsequently launched the Pudgy Penguins project.

Horlomite Research said on X: "Luca Netz and other accomplices will definitely go to jail for their crimes. They have committed dozens of securities frauds. But don't worry, I am confident that @wagieeacc can provide some good prison advice."

Luca also posted several updates, refuting Horlomite Research's accusations one by one. In particular, regarding the questioning of rug funds, Luca stated: "In 2019, I deployed $3 million in 15 different companies, including a sneaker store (CNK), SaaS products (SSB), and other brands. During the COVID-19 pandemic, many brands were hit hard, including CNK's physical business. I gave them a loan to keep them afloat, which was eventually repaid when the CNK team decided to launch an NFT project."

Community Comment: Yuga is dispersing public opinion focus

Regarding this matter, some community users have expressed that Luca is "creating value rather than extracting value", while others have pointed out that Luca has not responded to other projects suspected of being rugs as mentioned in the Horlomite Research article.

NFT project DystoWassies founder Decentralizd believes that the sudden accusation by Horlomite Research against the founder of Pudgy Penguins may be a move by Yuga, another NFT project, to shift public attention: "I heard that Yuga funded today's Pudgy FUD round of financing to divert attention from their slow failure as a company."

BlockBeats October 6th report, Yuga Labs announced that it will undergo a team restructuring in order to better focus its team on core priorities, which has sparked a lot of discussion in the community. Perhaps in Luca's repost, the word "They" in the sentence "They hate to see us win." has a specific meaning.

Previously, when BlockBeats interviewed Luca, he said that "Pudgy Penguins is the 'Trojan horse' of the real world." And just 10 days ago, Pudgy Penguins officially went on sale on Amazon.

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