Audit log

Every state-changing event for Pudgy Penguins: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-05-14 06:02:28Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 419,628,897

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   5XxcqBbBYfM6…XuzGEP2Wcopyexplorer ↗

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   4AzFdiCMheRn…169DCiV4copysha256 → base58

   verifying row…full verify ↗

   canonical bytes (5932 B) ▸

   {"actor":"system:backfill","investigation_id":"ae92bb22-893d-4824-9082-c17ae2347c33","kind":"publish","page_slug":"pudgy-penguins","published_at":"2026-05-14T06:02:28.218Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Pudgy Penguins","sections":[{"content":"Pudgy Penguins launched in 2021 by Cole Villemain (ColeThereum) and three colleagues. The original team promised an ambitious roadmap including video games and educational NFT books, but many promises failed to materialize. When airdropped 'eggs' hatched on Christmas 2021, they revealed only images of fishing rods with no utility, leading to community backlash. Allegations surfaced that all project revenue went directly to founders' personal accounts. The community voted to remove Villemain and co-founder Patterson in January 2022.","heading":"Founder Ouster and Cash Grab Allegations","severity":"high","sources":[{"credibility":1,"name":"CoinDesk: Pudgy Penguins Ousts Founders","type":"news_article","url":"https://www.coindesk.com/business/2022/01/07/pudgy-penguins-nft-project-ousts-founders-as-mood-turns-icy"},{"credibility":2,"name":"NFT Evening: Pudgy Penguins Founders Cancelled","type":"news_article","url":"https://nftevening.com/pudgy-penguins-founders-cancelled-as-cash-grab-accusations-fly/"}]},{"content":"In April 2022, entrepreneur Luca Netz purchased the Pudgy Penguins project for approximately 750 ETH. Netz rebuilt the brand into a consumer IP play, securing Walmart toy distribution, licensing deals, and expanding into physical merchandise. Under Netz's leadership, Pudgy Penguins surpassed Bored Ape Yacht Club in NFT floor price during certain periods.","heading":"New Leadership Under Luca Netz","severity":"low","sources":[{"credibility":2,"name":"NFT Now: Rise, Fall, and Redemption of Pudgy Penguins","type":"news_article","url":"https://nftnow.com/culture/the-rise-fall-and-redemption-of-pudgy-penguins-nfts/"}]},{"content":"PENGU token launched December 2024 on Solana. When Abstract (a consumer-focused Ethereum L2) was launched by the parent company, PENGU dropped 24% in 24 hours and 49% in 30 days. Holders had expected a mainnet token generation event with airdrops, not a prolonged XP/Points program. PENGU fell 86% from its peak, hitting a low of ~$0.003 in April 2025.","heading":"PENGU Token Launch and Price Decline","severity":"high","sources":[{"credibility":2,"name":"Decrypt: Pudgy Penguins Token and NFTs Plunge","type":"news_article","url":"https://decrypt.co/303175/pudgy-penguins-solana-token-ethereum-nfts-plunge-abstract"},{"credibility":2,"name":"CoinTelegraph: PENGU Loses 20% in August","type":"news_article","url":"https://cointelegraph.com/news/pengu-loses-20-august-pudgy-party-launch"}]},{"content":"Canary Capital filed for a PENGU ETF in March 2025, which received SEC acknowledgement in July 2025 — one of the first steps toward institutional access to an NFT-native brand. VanEck partnership for NFC-chip-enabled hybrid collectibles and a Visa-backed Pengu Card crypto debit card were announced April 2026.","heading":"Institutional and Brand Developments","severity":"low","sources":[{"credibility":2,"name":"NFT Plazas: PENGU Token Rally vs NFT Floor Divergence","type":"news_article","url":"https://nftplazas.com/pengu-token-rally-nft-floor-divergence-pudgy-penguins-2026/"}]}],"sources_used":[{"credibility":1,"name":"CoinDesk: Pudgy Penguins Founder Ouster","type":"news_article","url":"https://www.coindesk.com/business/2022/01/07/pudgy-penguins-nft-project-ousts-founders-as-mood-turns-icy"},{"credibility":2,"name":"Decrypt: PENGU Token Plunge","type":"news_article","url":"https://decrypt.co/303175/pudgy-penguins-solana-token-ethereum-nfts-plunge-abstract"},{"credibility":2,"name":"NFT Now: Pudgy Penguins Redemption","type":"news_article","url":"https://nftnow.com/culture/the-rise-fall-and-redemption-of-pudgy-penguins-nfts/"},{"credibility":2,"name":"NFT Evening: Founders Cancelled","type":"news_article","url":"https://nftevening.com/pudgy-penguins-founders-cancelled-as-cash-grab-accusations-fly/"}],"summary":"Pudgy Penguins (PENGU) is an NFT brand turned crypto token. Original founders (Cole Villemain et al.) were ousted in January 2022 after accusations of cash-grabbing and draining the treasury. Luca Netz purchased the project for 750 ETH in April 2022 and rebuilt it into a consumer brand. PENGU token launched December 2024 on Solana but dropped 86% from peak by April 2025. Abstract L2 network launch disappointed holders expecting airdrops. Canary Capital filed a PENGU ETF (SEC acknowledged July 2025). Partnerships with VanEck (NFC collectibles) and Visa (Pengu Card debit card) announced April 2026.","timeline":[{"date":"2021-07-01","event":"Pudgy Penguins NFT collection launches, mints out quickly","source":"nftnow.com","source_url":"https://nftnow.com/culture/the-rise-fall-and-redemption-of-pudgy-penguins-nfts/"},{"date":"2022-01-07","event":"Original founders ousted by community vote amid cash-grab allegations","source":"coindesk.com","source_url":"https://www.coindesk.com/business/2022/01/07/pudgy-penguins-nft-project-ousts-founders-as-mood-turns-icy"},{"date":"2022-04-01","event":"Luca Netz purchases Pudgy Penguins for ~750 ETH","source":"nftnow.com","source_url":"https://nftnow.com/culture/the-rise-fall-and-redemption-of-pudgy-penguins-nfts/"},{"date":"2024-12-01","event":"PENGU token launches on Solana","source":"decrypt.co","source_url":"https://decrypt.co/303175/pudgy-penguins-solana-token-ethereum-nfts-plunge-abstract"},{"date":"2025-03-01","event":"Canary Capital files for PENGU ETF","source":"nftplazas.com","source_url":"https://nftplazas.com/pengu-token-rally-nft-floor-divergence-pudgy-penguins-2026/"},{"date":"2025-04-01","event":"PENGU hits low of ~$0.003, down 86% from peak","source":"decrypt.co","source_url":"https://decrypt.co/303175/pudgy-penguins-solana-token-ethereum-nfts-plunge-abstract"}]},"v":1}

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2. #2rescoreby systemsystem

   2026-10-10 18:46:57Z
   Score: 42 → 60 (+18)
   Rescored under Scoring v2, the published formula (avoid.net/scoring): 42 → 60. Problems weighed by who is responsible: concerns that are not fraud −12.4, the subject's own conduct −8, incidents the subject suffered −1.2, problems around the subject, caused by others −1.1; legitimacy credit long-running +8.
   anchoranchored

   chain

   ●mainnet-betaslot 455,366,743

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   5F7vTT8upX9h…Vum9fw3Jcopyexplorer ↗

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   7HQTU1MrAzKj…FboBkFTFcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (676 B) ▸

   {"actor":"system","decided_at":"2026-10-10T18:46:57.607Z","decision":"rescore","investigation_id":"ae92bb22-893d-4824-9082-c17ae2347c33","new_score":60,"page_slug":"pudgy-penguins","prev_score":42,"reason":"Rescored under Scoring v2, the published formula (avoid.net/scoring): 42 → 60. Problems weighed by who is responsible: concerns that are not fraud −12.4, the subject's own conduct −8, incidents the subject suffered −1.2, problems around the subject, caused by others −1.1; legitimacy credit long-running +8.","score_delta":18,"score_model":"v2","sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3reviewby reviewerreviewer

   2026-10-27 06:42:06Z
   Score: 60 → 60 (no score change)
   The lawsuit section is well supported, and the Igloo funding round is corroborated. The Horlomite Research section, which makes allegations about a named living person, cites two sources that do not contain the Horlomite, 99%, Spooky Boys or Cookies N Kicks details. One of them, the ChainCatcher link, is a May 2023 profile of Netz. The page omits Igloo's October 2026 announcement that Abstract will shut down. Several claims, including the insider-transfer figures, were not individually verified.
   anchoranchored

   chain

   ●mainnet-betaslot 461,972,983

   sig

   3r5ToYTJTisW…GKw5uUvMcopyexplorer ↗

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   6BsGHSkGQWTJ…d46bGHYLcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (1352 B) ▸

   {"actor":"reviewer","artifact_identity":"d7b83215bd2f2d54bc95f788ebb6b136","decided_at":"2026-10-27T06:42:05.901Z","decision":"review","disputed_pct":0.25,"findings_hash":"6c6UaLdiaifjJZkkzdDu56h4pnVysSgYjpFUWFRQzwuC","investigation_id":"ae92bb22-893d-4824-9082-c17ae2347c33","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":60,"omissions":{"material":1,"total":2},"page_content_hash":"cc0532f4096ccf0225f02c328236ff940ec40c540ae40f14ed6f924ac4e177c6","page_slug":"pudgy-penguins","prev_score":60,"reason":"The lawsuit section is well supported, and the Igloo funding round is corroborated. The Horlomite Research section, which makes allegations about a named living person, cites two sources that do not contain the Horlomite, 99%, Spooky Boys or Cookies N Kicks details. One of them, the ChainCatcher link, is a May 2023 profile of Netz. The page omits Igloo's October 2026 announcement that Abstract will shut down. Several claims, including the insider-transfer figures, were not individually verified.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"sequence_num":3,"subject_status":"operating","subject_status_contradicts_page":false,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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4. #4review reviseby judgejudge

   2026-10-27 06:42:06Z
   Score: 60 → 60 (no score change)
   About 25% of the checked claims could not be verified, which alone would indicate minor issues. Two things raise the verdict. The section alleging that CEO Luca Netz funded his 2022 purchase with earlier rug-pull proceeds cites sources that do not mention the Horlomite report, the 99% figure or the named projects (claim_findings[2]), and the ChainCatcher timeline link no longer supports its entry (claim_findings[3]). The page also omits Igloo's October 2026 announcement that its Abstract chain will shut down on December 15, 2026 (omission_findings[0]). The page already labels the allegations as unproven, and the lawsuit section and funding round were confirmed. The reviewer's confidence is moderate and several claims were not fetched, so the penalty sits at the low end of the band.
   anchoranchored

   chain

   ●mainnet-betaslot 461,972,988

   sig

   shPjuHkEQDzE…pfo1DYvGcopyexplorer ↗

   hash

   9gYD9RbULe3i…Dtwmbeo5copysha256 → base58

   verifying row…full verify ↗

   canonical bytes (2195 B) ▸

   {"actor":"judge","artifact_identity":"d7b83215bd2f2d54bc95f788ebb6b136","band_override":null,"decided_at":"2026-10-27T06:42:05.901Z","decision":"review_revise","delist_requested":false,"disputed_pct":0.25,"investigation_id":"ae92bb22-893d-4824-9082-c17ae2347c33","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":60,"page_slug":"pudgy-penguins","prev_score":60,"reason":"About 25% of the checked claims could not be verified, which alone would indicate minor issues. Two things raise the verdict. The section alleging that CEO Luca Netz funded his 2022 purchase with earlier rug-pull proceeds cites sources that do not mention the Horlomite report, the 99% figure or the named projects (claim_findings[2]), and the ChainCatcher timeline link no longer supports its entry (claim_findings[3]). The page also omits Igloo's October 2026 announcement that its Abstract chain will shut down on December 15, 2026 (omission_findings[0]). The page already labels the allegations as unproven, and the lawsuit section and funding round were confirmed. The reviewer's confidence is moderate and several claims were not fetched, so the penalty sits at the low end of the band.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"sequence_num":4,"severity_override":{"applied":true,"band":"significant","from_band":"minor","reason":"The claim percentage (2 of 8 unverifiable, 25%) falls in the minor band. It understates two problems. First, the omission_findings[0] material omission: Igloo announced on 2026-10-06 that its Abstract chain shuts down on December 15, 2026, and the page does not mention it. Second, the highest-severity section, which makes allegations about a named living person, cites two sources that do not contain the Horlomite, 99%, Spooky Boys or Cookies N' Kicks details (claim_findings[2], claim_findings[3]). The Abstract shutdown rests on a single outlet and the page is not contradicted on the brand itself, so the escalation is one band, to significant, and not further."},"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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