YouTube investigator Stephen Findeisen, better known as “Coffeezilla,” has made allegations against artificial intelligence company Rabbit AI, accusing them of orchestrating an NFT scam and attempting to cover it up.
In a video released on his YouTube channel, Coffeezilla sheds light on Rabbit AI’s alleged involvement in the NFT space, particularly with a project called Gama.
TLDR
- YouTuber Coffeezilla has accused Rabbit AI of being involved in an NFT scam called Gama, which raised $6 million in 2021.
- Rabbit AI was previously known as Cyber Manufacture Co. and allegedly changed its name two months before the launch of its viral product, Rabbit R1.
- Rabbit AI’s CEO, Jesse Lyu, admitted to being involved in the Gama project but claimed it was just a “fun little project” that he left once the game was open-sourced.
- Coffeezilla presented recordings of Lyu discussing ambitious plans for Gama, including investing millions into the project and future plans for a concept called Gamaverse and a clean energy initiative related to Gama Coin.
- Coffeezilla and others, like WeGPT founder Josh Olin, have criticized Rabbit AI’s offerings, drawing parallels between the overhyped promises made by both Gama and Rabbit R1.
According to Coffeezilla’s findings, Rabbit AI was previously known as Cyber Manufacture Co. and managed to raise $6 million in November 2021 for its “Next Generation NFT Project GAMA.”
The project’s website described it as a “decentralized organization that is sending 10K crew members into space to complete energy harnessing missions across the universe.”
However, just two months before the launch of Rabbit AI’s viral product, Rabbit R1, the company changed its name from Cyber Manufacture Co. to Rabbit Incorporation.
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’s CEO, Jesse Lyu, admitted in January that he had been involved with the Gama project, but he described it as a “fun little project” that he left once the game 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.
However, Coffeezilla accused Lyu of being more serious about the NFT project than he let on. The YouTuber played a Clubhouse recording of Lyu discussing ambitious plans for Gama, saying,
“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. Basically, we’re dumping millions of monies into it just to make sure that it will be a next-level experience.”
In the recording, Lyu also mentioned plans to release “GAMA Coin” and claimed it could become the “first not only carbon neutral but actually carbon negative crypto 2.0 or Bitcoin 2.0.” Coffeezilla pointed out that Lyu never released these tokens or coins, despite promising to do so.
Coffeezilla claims that those who invested in Gama have not been refunded, estimating the refunds to be around $1 million. When the YouTuber inquired about the NFT project and refunds, Rabbit AI provided a statement saying that there is no way to “refund” an NFT unless the owner agrees to “burn” the NFTs on the blockchain.
The company also claimed that Lyu’s statements were taken out of context and that he had decided to buy back NFTs from sellers engaging in malicious wash trading and reselling to maintain the balance and order of the community and market.
Coffeezilla’s allegations have raised concerns about the $6 million in funding raised for the Gama project and where the money has been allocated.
Despite Rabbit AI’s assertion that the funds were solely used for the NFT project, Coffeezilla argues that Rabbit AI’s foundation is built on the remnants of the Gama project, making it a matter of concern.
The YouTuber also criticized the overhyped nature of Rabbit AI’s viral R1 product, drawing parallels between the exaggerated promises made by both Gama and R1.
Coffeezilla is not alone in his skepticism about Rabbit AI’s offerings; others, like Josh Olin, the founder and CEO of WeGPT, have labeled Rabbit’s project as a “scam” and characterized it as a quick cash grab designed to lure in investors.
???? How To Spot an A.I. Grift ????
If you’ve ever noticed a sudden influx of endorsements for a new AI product, here’s a structured approach to help discern the grifters from the genuine:
Comment Section Shutdown: A promotional video without the option to comment is a major red… pic.twitter.com/FN7AooPe4I
— Josh Olin (@JD_2020) January 14, 2024
As the allegations against Rabbit AI unfold, it remains to be seen how the company will address Coffeezilla’s claims and the growing concerns surrounding their involvement in the NFT space.
