YouTube’s Coffeezilla, aka Stephen Findeisen, has dropped another bombshell against budding tech company Rabbit AI, accusing them of masterminding an NFT scam with their Gama project and trying to bury the evidence. He has unveiled recordings by Rabbit AI CEO Jesse Lyu.
According to Coffeezilla, Rabbit AI’s precursor, Cyber Manufacture Co., raised $6 million in November 2021 for its “Next Generation NFT Project GAMA,” an initiative to send 10,000 crew members into space.
The NFTs are now nearly valueless, and Rabbit AI hasn’t taken any accountability. This comes hot on the heels of Rabbit AI being accused of producing vaporware.
“I don’t want to make GAMA, and none of us want to make GAMA as a hype and dump program. This is a legit team with millions of dollars of funding behind it,” said Rabbit AI CEO Jesse Lyu in a Clubhouse recording uncovered by Coffeezilla.
Coffezilla: Rabbit AI is Another NFT Con Job Like Logan Paul
Just two months before launching Rabbit AI’s viral product, Rabbit R1, the company rebranded from Cyber Manufacture Co. to Rabbit Incorporation — a move that raises eyebrows given the timing.
Jesse Lyu admitted in January that he was involved with Gama but downplayed it as a “fun little project” he left once it was open-sourced.
“Lyu claimed that he never traded or released any tokens or crypto coins and that he bought NFTs himself just for fun,” Coffeezilla noted.
Coffeezilla (Stephen Findeisen) counters Lyu’s narrative by playing a recording in which Lyu discusses ambitious plans for Gama, including the release of “GAMA Coin,” which he describes as potentially becoming the “first carbon-negative crypto 2.0.”
“Despite promising to release these tokens, Lyu never did,” Coffeezilla points out, suggesting that Lyu was more committed to the project than he let on.
Will NFT Scams Keep Going?
Crypto scams cost investors $2B in 2023, with NFTs leading the charge. The message is clear: this market remains a high-risk minefield.
Coffeezilla highlights that Gama investors have yet to see refunds, estimating that they could total around $1 million.
Rabbit went viral at the beginning of this year, raising $30m in venture capital and selling $20m in consumer products.
But most people don’t know that the company Rabbit Inc used to be called Cyber Manufacture Co, and raised $6 million for an NFT project. This project was WILD pic.twitter.com/1aQXTSVysu
— Coffeezilla (@coffeebreak_YT) May 21, 2024
Rabbit AI responded by stating that Lyu’s comments were taken out of context and that efforts had been made to buy back the NFTs.
Coffeezilla’s accusations against Rabbit AI darken the entire NFT scene, showing how far this space still has to go.
