The growing popularity of NFTs as well as the possibility, for the people who create them, of generating more than interesting sums make more and more people want to try their luck in this environment. Some people are better intentioned than others…
Who is Laurent Correia?
Followed by some 3 million people on Instagram, Laurent Correia is a recognized entrepreneur in France. He owes his notoriety in particular to the reality TV shows in which he participated. He is even the “main character” of one of them (JLC Family) with his wife, Jazz.
An accomplished businessman, Laurent Correia is a jack of all trades. He does not hesitate to diversify his activity in order to generate even more money.
So, faced with the recent NFT boom, Jazz’s husband saw a golden opportunity and decided to capitalize on it by creating his own project.
Billionaire Dogs: a project full of ambition
This is how the Billionaire Dogs collection was created. More than just a collection of images, this project was meant to have real utility. Many promises were made, especially when it came to personalities linked to the project. Names such as those of Lebron James or Kanye West were mentioned, according to his former partner, a Dubai businessman named Mohamed Amin.
In addition, when promoting the project on social networks, there was talk of competitions to win prizes of very high value such as sports cars or cash. It’s a safe bet that no one has won one of these prizes…
The project met with mixed success
Despite this, Billionaire Dogs definitely did not meet with the expected success. Indeed, the initial goal was to sell 6,000 items in the collection, for a price of 0.1 ETH for the presale and 0.2 ETH for the public sale.
Finally, once the mint launched on December 12, the total number of sales was far from what was expected. To deal with this, the total number of items has been reduced to 2,000.
Colossal gains have been made via this rug pull
If it is, in itself, a small failure, it still remains of course to qualify. Indeed, Laurent received no less than 400,000 dollars on his personal wallet thanks to this operation. A good deal, after all.
And if you’re wondering how it is possible to know that it is indeed your personal wallet, it’s very simple. Laurent bought various high-value NFTs with this money. We can notably mention a Doodles , a CloneX and, above all, a MAYC, the 18272 to be precise.
To be certain that he is indeed the person behind these purchases, it was not necessary to look far since the main interested party made stories on Instagram, and even proudly displays his MAYC as a profile photo on this same social network. Not very smart on this one…
Once the money has been raised, no more news about the project
The Billionaire Dogs project had a Discord with over 90,000 members under its belt …it’s now deleted. In addition to that, the star of the JLC Family of course gives no more news about the project. He even deleted it from his bio on Instagram.
The floor price of the project on OpenSea is now at 0.003 ETH. It is much less than the price of the mint. There is very little chance that the trend will reverse given the circumstances…
An investigation visibly underway in Dubai
The ex-collaborator of Laurent, who was involved in the project but did not seem aware of the will of rug pull. He claims to be ready to testify against him. He is currently trying to build a case by collecting as many testimonies as possible.
An investigation is already open in Dubai, Is the Dubai justice system taking influencer scams more seriously than ever.
The takeaway from this story is that NFT scams abound. Unfortunately, they are not about to stop as long as malicious people will have the possibility of exploiting them without being heavily sanctioned.
It is therefore crucial to do your research before investing in a project to ensure its reliability and seriousness. Also take the time to learn about the people behind the project. Remember that having a lot of followers is definitely not proof of honesty. This case is proof of that!