A

[Cody @codystreams]

After we raised concerns about Cygaar bridging funds off Abstract, the team called it “optics.” The team said every action would be scrutinized “until there’s a bigger announcement.”

Abstract announced it was winding down less than a week later. The community had reason to be concerned.

[Cody @codystreams]

Abstract users were worried about whether to keep using the chain and whether any devs were left, as team members like @coffeedev, @masoncags, @jarrodwatts, and @0xbeans had left.

So we asked how many devs were still working on @AbstractChain. The team replied: “More. Pretty much all non-public hires.”

Abstract announced it was winding down 37 days later. That answer deserves scrutiny.

[Steve ☕️ @coffeedev]

Fun fact, I was at Yuga before I was at Abstract.

I left because I was concerned about the sustainability of their "no revenue" model.

gg, played myself in the most unimaginable way.

should have just vibed with the apes

[Cody @codystreams]

24 hours after my post, they announced they were shutting down the @AbstractChain Discord chats

I knew it was coming, so I saved 100+ screenshots before the chats were closed

You’ll be held accountable for rugging the Abstract community and lying to us, @LucaNetz.

[Steve ☕️ @coffeedev]

we have come completely full circle

cole rugs penguins -> luca buys penguins -> penguins make abstract -> luca rugs abstract -> abstract makes chickens -> cole buys chickens

[Cody @codystreams]

On September 28, @0xCygaar bridged funds off @AbstractChain. We asked if Abstract was shutting down and were told: “It’s his money; he can do what he wants.”

We said, “Bit different when it’s your own blockchain.” They called it “optics.”

A week later, Abstract shut down.

[Sinet @0xSinet]

The funniest thing about this whole Abstract situation

is that nobody forced Luca or the team to lie at all.

There are literally hundreds of videos just like this one.

Where he lies about the TGE, where he lies that he can open at 2-3B, where he lies that they lost money on Abstract, where the team lied to the community that big news was coming and they're building and I could go on and on.

So what's the point of all this? You've simply ruined your own reputation. People have hundreds of screenshots and videos showing blatant lies, which they can use to debunk every single one of your claims.

And don't even get me started on the fact that they didn't find the PMF and so on. The team abandoned Abstract a WHOLE YEAR ago. Everyone can confirm that. They literally weren't working at all.

My main aim with these posts is to debunk all the lies that the Abstract or Igloo team are currently trying to spread. You can see for yourselves that not a single community member supports them (unless they're holding a large amount of Pengu/Pudgy).

[Sinet @0xSinet]

the one thing i didn't expect was Abstract holding my wallet hostage lmao

you either tick the box or you don't get into your wallet.

and if you tick it, here's what you're agreeing to (updated today btw):

1. arbitration only, no class action
2. their max liability to you is $100 (or whatever fees you paid them)
3. if you lose access to your wallet or funds, they're not liable even when it's their own negligence
4. you get 1 year to sue, after that it's gone forever
5. your XP is kept as an off-chain record for 6 months. that's it

they named it Abstract and the only concrete thing left is the waiver

bravo @AbstractChain

[Sinet @0xSinet]

Actually, anyone who supports or will support Igloo and Pudgy on the TL has zero moral principles and is literally backing scammers.

I don't know if you realize this isn't just a "failed" product, like you see all the time in business and crypto.

Luca literally promised a TGE. The team kept reminding everyone about their big plans. They literally DMed to community members few months ago and basically swore that any day now you'd see those plans actually happen.

The Abstract team literally milked their community dry right up until the very last day.

Anyone who supports Pudgy Penguins and the team on is either an idiot or getting paid to do it.

More information is coming.

*screenshot of these constant hints about major announcements*

[Sinet @0xSinet]

Lost about $100k on @AbstractChain

For the first time in my life, I've decided not to create hundreds of alts, hold coins, etc.

Sometimes I don't understand how, with such opportunities and so much money raised, you can FAIL so spectacularly (they can easily TGEd at few bil back in 2025).

Don't believe the team when they say they've been working on "something". They abandoned Abstract back in August 2025 and haven't delivered a single thing, apart from siphoning off tens of millions via all sorts of ‘vibecoded’ dApps, whilst explicitly promising a TGE in Q4 2025.

What's more, just a month ago they were making calls to the chain most active members and promising some really big news.

Well, that really is big news.

[Beanie @beaniemaxi]

I think after encouraging users to farm points for a couple years you have kind of a duty to launch the token if you're not going to compensate them some other way. Some spent a lot of time, money and effort on accumulating XP. Not great.

[silentbuilder @silentbuilder3]

If there is still anyone who believes in Luca and his team, they are just as responsible as Luca himself. If you continue to support this scammer even after seeing what he has done, I honestly have no words for you.

We dedicated two years to Abstract. In return for all the time and money we invested, we got absolutely nothing from them. They deceived the entire community, and I hope one day they experience the same thing themselves. If there are still people around you who believe in these clowns, cut ties with them without a second thought. These scammers completely wiped out the value of people's hard work and effort.

At this point, anyone who can still believe in people who behave like this is simply selfish and only cares about themselves.

At first, I was considering buying a BAYC, but Abstract also seemed appealing to me, so I bought Pudgy NFTs instead and invested an amount of money in this project that was significant for me. More importantly, I invested my time. Of course, the time that is gone will never come back. I sold my Pudgy NFTs by accepting offers, and I feel much better now. I don't want to be part of this scam anymore.

After the PENGU airdrop, people trusted the Pudgy team, and I was one of them. But now that things have reached this point, it has become very clear to me that these people are nothing but scammers.

Lastly, if someone else's loss makes you happy, then you are truly evil.

[Hugo🍊 @0xHugoYYH]

诈骗犯 @LucaNetz 最欠打的地方

去年absctract在韩国，发行最可恶的女团徽章，骗取我们的资金，给luca畜生。拥抱韩国女团，100%还玩上了，钱和代价都是我们在承担，到头来好处和体面全让这个畜生占了，这个是我最生气的地方

畜生Luca 拿大家的资金，自己享受好处、体面、资源，吞掉了大家的资金和付出。并且还装可怜说，项目是亏损的，宣布失败，融资了1100w,链上手续费几千万美金，钱他妈的去哪里了？

@pudgypenguins 企鹅社区部份坏种还在拍手叫好，这个我是没理解，abs @AbstractChain 的今天，就是你们明天，你们看着吧，luca会割完你们所有人，直到你们没有任何利用的价值。

Luca 这个人的恶行太多太多了，美国朋友们，一定要起诉他！

畜生luca今年韩国，新加坡都没敢去。你们猜猜为什么��？

好难猜啊！

[Wecryptotogether @Edward__Park]

더 이상 Pudgy Penguins를 믿거나 지지할 수 없음.

토큰2049에서 해당 공지와 댓글을 보고 내 생각이 이상한건가 의심했음. 이리저리 물어봤지만, 반응은 나와 다름없더라.

매우 실망했고, IGLOO의 전체 사업에 대한 믿음이 떨어졌음.

적어도 내가 한국에서 본 앱스트랙트 러버 몇명은 파머로 치부되기엔 너무나 열정적이었고, 애정이 남달랐음. 그런데 그 사람들한테도 체인이 닫히기 전까지 잘 될거야라고 속이고 다닌 모양이더라.

실패한 스타트업과 러그풀은 다르다고 하는데, XP라는 이름 하에 발생한 피해는 여타 러그풀 피해와 다르지 않음.

그렇다면? 남겨둔 사업체를 가진 입장에서 적어도 비판을 겸허히 받아들이고, 모두에게 친절하고 따뜻해야 하지 않을까?

디스코드 내용들 보니까 전혀 그래보이지 않았음. 하락장을 긍정적인 바이브로 견뎌내던 지난 펭구의 바이브는 이�� 펭구 가면을 써야만 허용이 되나봄.

나에겐 의미 있는 PFP이기에 바꿀 일은 없겠다만, 이제 펭구에 대한 컨빅션은 거의 없을 것 같음.

[Jablko @DegenJablko]

Sold/listed all of my Penguin NFTs and Tokens.

If anyone thinks this is somehow bullish for Pudgy, you're going to be disappointed.

If there's one thing I've learned over my 6 years in Web3, it's to always bet on people, and never put your trust back in someone who has already rugged or screwed you over.

Also, Abstract TGE was the best catalyst for NFTs.

Rotated to my favourite Abstract builders on this dip, as I dont think Abstract shutting down will affect them negatively long term (Tollan, Hamieverse, Gigaverse...)

Luca is proven griefer at this point, and he doesn't give a single fuck about any of you.

[Beanie @beaniemaxi]

I always liked the Pudgy Penguins story. But I feel like the vibe is gone with how Abstract users are done dirty. It's easily avoidable too. They've already made hundreds of millions of dollars selling PENGU. So why not just distribute the rest of the locked tokens to XP earners?

[Cody @codystreams]

The only reason we know builders were told about a TGE is that Abstract’s legal team never signed the NDA

They milked users for two years, promised builders token grants, then rugged the chain less than two months later

Pure deception by the Pudgy Penguins team.

[Cody @codystreams]

Abstract app "Tollan Universe" says they repeatedly asked for an update, got no communication, and were promised a token grant two months ago.

Send Pudgy Penguins to zero.

[Cody @codystreams]

After Luca Netz & Pudgy Penguins rugged Abstract, DeFi App "Kona" confirmed builders were promised token grants too.

Return to Penguins? No. Fuck you.

Luca Netz betrayed & rugged the Abstract community.

[Cody @codystreams]

Abstract’s TGE was coming. In August, Abstract told builders token grants were coming this year, the team was restructuring, and everything would be amazing from then on

Abstract kept milking users, then rugged the chain 49 days later

Shame on you, Luca Netz & Pudgy Penguins.