ZachXBT: zkSNARKs project accused of rug pull after raising $17 million

On-chain analyst ZachXBT reported that the 10K PFP NFT project zkSNARKs, issued on the Zcash chain, is suspected of being a rug pull. The project raised approximately $17 million through a blind auction, with 8,000 items distributed at a clearing price of 1.5 ZEC. ZachXBT noted that the project lacks utility and features a 10% team allocation and 5% royalties, mirroring common "cash grab" tactics seen in Ordinals-related projects.