OpenDAO supporters angrily tear apart the Little Penguin team: They are running away with the money

Author: 9x9x9, NFT Collector

Compiled by: 0x137, Rhythm BlockBeats

This article is compiled from the views published by OpenDAO supporter and NFT collector 9x9x9 on personal social media platforms. Rhythm BlockBeats has organized and translated it as follows:

I want to talk about the recent rumors regarding my takeover of Pudgy Penguins. I didn't want to discuss it, but many people have been reaching out to me privately, making me feel responsible to be as open and transparent as possible, ensuring that people do not make investment decisions based on rumors.

First, I need to clarify that I own 242 Penguins, most of which I purchased around 2 ETH, and I bought 1 Banana Penguin for 100 ETH. I have invested about 600 ETH in the Pudgy Penguins project and have not sold any of them. So I understand that the information provided today may be biased, after all, I still hold them.

A few months ago, I contacted the founders of Pudgy Penguins, hoping to purchase equity in their company. They offered me a proposal of 4000 ETH for a 20% stake, which would value the company at 20,000 ETH. I declined this deal but did not stop buying these cute Penguins, nor did I stop helping the project.

I helped them enter the Asian market and assisted in hosting two AMAs with the NFT club Club721, which has 30,000 members; for months, even knowing I could buy at a cheaper price, I kept the project's floor price at 2 ETH with my personal ETH; I also helped them connect with the Binance NFT marketplace, and so on.

I also minted 540 Lil Pudgys to support their release of the second edition collection and agreed to become their official advisor, with only one condition: they must remain transparent with the community, rather than using my reputation to build trust with the community.

Yesterday, the founding team contacted me and created a Discord group chat with only me and the founders. They asked me if I would buy Pudgy Penguins again, and my response was: although my time is mainly focused on OpenDAO's SOS, I would be willing to take on the Pudgy Penguins project because I know that is what the community wants.

But later I learned that all the ETH the team raised had already been divided up, and the company they now want to sell has not a single ETH left, even though they have gone through two rounds of financing by issuing NFTs and promising future game development. Will they reinvest the revenue generated from NFT royalties back into the project? To be honest, I don't know their plans.

To put it plainly, this company, burdened with debts from two rounds of financing but with no internal assets, keeps issuing blank checks to its community and investors. Now the team has lowered the original proposal of 4000 ETH for a 20% stake to 888 ETH for 100% equity, selling a sinking ship for 888 ETH and running away with the ETH they raised.

My counteroffer is: I would be happy to take over this sinking ship but will not pay any extra fees. I will invest my own money into this project and even keep the royalty fee at 0% in the long term. That is to say, after they complete the second round of financing, they can take all the ETH, and I will clean up the mess left behind.

But Tubby replied, "It is very foolish to give the company away for free." I used to be a fan of Tubby; he works really hard, but now I realize I have been deceived. This has always been a performance of good cop and bad cop, with Tubby as the good cop and Cole as the bad cop. (Both are founding members of Pudgy Penguins)

Additionally, if you mint an NFT in a collection series where a team promises to issue a Token, it can be considered a securities offering. Offering such services to unregistered and unaccredited investors is illegal, especially in the United States, where any decent lawyer can verify this.

So my conclusion is: I will not buy a company that illegally raised funds in two rounds and wants to sell its shell and run away, even though I really want to help the Pudgy Penguins community; they are truly talented and amazing. Currently, there is a vote in the community to remove Cole, but I don't think this will help much. Cole merely reflects the lack of trust and transparency between the project's founders and the community, but removing Cole now is like taking painkillers after being diagnosed with cancer.

I believe the best solution is to create a DAO. The founders should return all the ETH raised, and then the community can vote to determine how much effort and cost they have invested in the project and pay corresponding rewards, ultimately electing contributors to continue building the brand and community. But I still hope the team can start making changes to get Pudgy Penguins back on track because the penguins are really cute! I hope what I said can push the project in a positive direction, after all, NFTs are always about the community, and I believe there will be light at the end of the tunnel!

Finally, since the team claims that what I said is false, I am posting a screenshot here and hope that I won't need to provide more proof in the future.