LooksRare Team Rejects The Allegations That The Team Cashed Out $73 Million in WETH

February 16, 2022 - Around 2 mins mins to read

LooksRare’s Creator Rejects All Allegations

The unidentified creator of LooksRare has denied allegations that the team cashed out $73 million in WETH less than a month after its launch.

Update: The @LooksRareNFT team has already cashed out 23116 WETH ($73,000,000). This doesn't include the value of $LOOKS.

Most of it is going straight to Tornado Cash. https://t.co/KjBeuqDCwS pic.twitter.com/zf9YKYb60v
— defi guy ???????? (@0xShitTrader) February 7, 2022

According to this NFT marketplace’s creator in a Monday Twitter thread, he stated that LooksRare has always been honest about its team’s WETH earnings. He also said that his team members had been working extensively on the marketplace’s debut and co-ntinued development for free pay.

According to the creator, the LooksRare team has been working night and day for 6 months without salary until the first team WETH distribution. In contrast, well-known crypto investor 0xb1 said that: “Think $500k per team member per month is a little much for the start of a project. Perhaps put some back into your token price.”

Think $500k per team member per month is a little much for the start of a project. Perhaps put some back into your token price.

It may have been written in your docs, but no one expected this amount of ETH to goto the team (I doubt).

Do right thing, start buying Looks w/Eth
— 0xb1 (@0x_b1) February 14, 2022

Tornado Cash is encouraged to be used by everyone in the team. He emphasized that his team has the right to privacy as anons.

(6/6)

We’re not going anywhere: we haven’t even started yet.

We have goals to achieve, and enough passion and drive to get there.

Financial stability removes external worries and allows for even greater focus.

Team LOOKS allocations vest over 2 years.

The future LOOKS bright
— Zodd (@ZoddLooksRare) February 14, 2022

$LOOKS, the NFT marketplace native token, has been trading in the bearish zone. The price of the asset had dropped by 12.89%, currently trading at $2.1.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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