YouTuber Coffeezilla revealed that the owners of several NFT projects are working together to pump their project's value artificially.

Coffeezilla based his revelation on his investigation.

A 60-page dossier published before the NFT project " Squiggles " was launched accuses the project's owner of being a "puppet owner" for three individuals Gavin, Gabe, and Ali.

The dossier accuses the three individuals of being behind Squiggles, as well as prior NFT fraud enterprises like League of Divine Beings, Vault of Gems, Sinful Souls, Dirty Dogs, and others.

Screenshots showed the owners discussing a phony giveaway by sending money to a friend's account. This phony giving event was conducted for marketing purposes, to generate excitement and artificially boost the project's worth. The team of scammers hired individuals to impersonate the founders of new initiatives after being exposed for running several NFT fraud enterprises,

The Squiggles was supposed to be the team's most lucrative project, but before its release, they were caught hanging out together at clubs and bars by people who observed their Instagram stories.

The Squiggles project's launch was discovered last month when it was revealed that a single individual had created a series of shadow wallets and used them to move $7 million worth of Squiggles by buying NFTs and re-selling them on OpenSea for less than they paid for. The wallets may be controlled by the project.