ZachXBT: The zkSNARKs project is suspected of exploiting investors, raising 17 million USD with no practicality

According to on-chain analyst ZachXBT, the recently launched 10K PFP NFT project zkSNARKs on the Zcash chain is suspected of scamming investors. The project attracted a total of 16,971 bids through a blind auction, ultimately completing the distribution of 8,000 pieces at a clearing price of 1.5 ZEC (approximately $2,190), with a total transaction volume reaching 25,305 ZEC (approximately $36.94 million), and refunds of 13,309 ZEC (approximately $1.943 million) have been gradually returned.

ZachXBT pointed out that the project raised approximately $17 million, while reserving 10% for the team, 5% for royalties, and about $2,000 for minting fees, yet it has no practical value, suspected of using the common "quick money and run" tactics seen in the Ordinals series.