ZachXBT Questions zkSNARKs Project: Raised Over $17 Million, Doubts Arise Over Team Fund Allocation and Royalty Mechanism

BlockBeats news, September 19: On-chain detective ZachXBT publicly questioned the ZEC ecosystem NFT project zkSNARKs, calling it an ordinary 10,000-piece PFP NFT collection that lacks real utility and ecosystem development after raising eight figures in USD, with doubts surrounding the team's fund allocation and royalty mechanism.

On September 18, the ZEC ecosystem NFT project zkSNARKs announced the completion of its auction. The auction received a total of 16,971 bids, with 8,000 NFTs allocated, and the final clearing settlement floor price was 1.5 ZEC. It is reported that the auction used a uniform-price sealed-bid format, ranking bids from highest to lowest, with the top 8,000 bids winning, and unsuccessful bidders receiving full refunds. It should be noted that well-known Bitcoin inscription-era builder @LeonidasNFT publicly accused the zkSNARKs team of being serial "entrepreneurs" in the Ordinals space, with most of their projects being scams.