The WEB3 presale raised $500,000 in hours but faces backlash after ZachXBT tied it to the Squiggles NFT rug pull and Raichu’s history of multimillion-dollar scams.
A WEB3 token presale has drawn scrutiny after blockchain investigator ZachXBT linked it to individuals behind the Squiggles NFT rug pull and alleged scammer Raichu. The presale, which raised $500,000 in its first three hours, instructs participants to send SOL in exchange for $WEB3 tokens. ZachXBT cited connections to past scams, including Squiggles, which was delisted from OpenSea in 2022, and projects tied to Raichu such as Baller Ape Club, Crazy Lemur Club, and Ancient Cats Club. The WEB3 team denies the allegations, calling them “FUD” and citing transparency measures. The controversy comes amid wider crypto fraud incidents, with $2.2 billion lost in the first half of 2025.