Gala Games and 888 Inner Circle Accused of NFT Rug Pull by On-Chain Detective ZachXBT
According to ZachXBT, people lost hundreds of thousands of dollars no thanks to The Orbs NFT drop by Gala Games and 888 Inner Circle. Here's what happened.
The story behind the Gala Games & 888 Inner Circle rug pull
Yesterday, blockchain detective ZachXBT took to Twitter to share how Gala Games and 888 rugged people for hundreds of thousands of dollars with The Orbs NFT drop. In fact, both parties allegedly walked back on their words to reimburse holders as well.
It all started in December 2021 when Gala Games announced The Orbs NFT drop. According to Gala, this would be a collection of 3,333 generative NFTs launched in partnership with NFT influencer 888 and musician BT on February 13th, 2022. To get one of these, collectors could either burn three 888 Inner Circle NFTs to receive an Orb or purchase one during the Dutch auction.
“Between the months of December and February 13th drop, many collectors acquired three “888 Inner Circle” NFTs to burn for an Orb,” said ZachXBT in his tweet. “The floor for IC (Inner Circle) NFTs fluctuated between 1-1.5 ETH per IC so many people had spent 4+ ETH to acquire three.”
However, the high floor price of the Dutch auction received a lot of public outcry. Hours before the sale on February 14th, Gala decided to remove the 8.88 ETH floor. This was all good for new buyers, but not for those who already bought the Inner Circle NFTs.
What was Gala's promise to those who bought in early?
“If the floor price [of the DA of Orbs] goes below, because the community has spoken, the price that you have spent on your [“888 IC”] NFTs on the burning and all of that stuffs, we will make you whole, we will make good” said Gala in a live stream hours before the Dutch auction.
Eventually, the sale commenced and the Dutch auction ended at 0.71 ETH. On that matter, ZachXBT spoke to three collectors who spent 4.35 ETH, 4.42 ETH, and 4.07 ETH respectively. According to them, instead of a direct refund, Gala Games and 888 gave Inner Circle holders a vial NFT, which they could use to redeem one of the six NFT options.
Did Gala and 888 repay their holders?
After several delays, Inner Circle holders finally redeemed all 6 NFT options in May. Sadly, many of these digital assets do not carry as much value in them. In fact, one of the NFT options, which is the “Don't Mess With The Gunslinger” artwork by Jose Delbo has zero buyers so far.
“After all six vial redemption options it was clear IC people had not been made whole and were at the mercy of Gala/888. Remember the three people from earlier were owed 3.64, 3.71, 3.36 ETH respectively. None of these vial redemption options equated to those amounts,” wrote ZachXBT.
Those who voiced their frustrations on Gala Games' Discord and Twitter channels were either banned or responded with rude remarks. To date, neither Gala Games nor 888 has repaid the Inner Circle holders in full. For more info, you can check out the evidence yourself in ZachXBT's Twitter thread.