TENGU Investigation: Tracking 32 ETH and the Refund That Followed

Wallet analysis via Abstract's blockchain explorer documents that BoredBull (@boredyugabull on X), founder of the TENGU NFT collection, withdrew approximately 32 ETH (representing the substantial majority of mint funds) to wallets linked to his on-chain identity. The collection raised approximately 32.79 ETH according to OpenSea data.

tengu-abs was marketed as a vehicle to gain "guaranteed Edge Fund presale access"—positioned as "like Big Pool, but for Edge Fund." However, records show these funds were directed toward NFT purchases, cross-chain transfers, and exchange deposits for purposes that appear inconsistent with the stated investment strategy.

This investigation is based on transaction data from Abscan.org, OpenSea records, and internal project documentation submitted by minters and holders to EurekaNews.

Update: On December 22, 2025, approximately 12 hours after being contacted by EurekaNews for comment, BoredBull announced a proposed partial refund of 0.015 ETH per NFT to holders. Full details below.

Key Findings

• TENGU raised 32.79 ETH promising Edge Fund investment access
• Edge Fund was not operational when fundraising began in August 2025
• Blockchain records show ~32 ETH moved to wallets associated with BoredBull
• Funds went toward NFT purchases, bridging, and exchange deposits
• No multi-signature wallet was established; founder maintained sole control
• TENGU website is currently offline; key Kura team members have departed
• December 22, 2025: After being contacted for comment, BoredBull announced a partial refund of 0.015 ETH per NFT (~80% of raised funds)

The Edge Fund Promise

TENGU holders were told their mint fees would fund investments into Edge Fund, described as an AI-driven investment vehicle targeting the Abstract ecosystem. According to Edge Fund's GitBook documentation, the fund was designed to "leverage members' networks and influence to gain access to exclusive token rounds of the highest potential companies on Abstract" with a total raise target of $1M USD.

However, Edge Fund appears to have never been a fully operational investment vehicle. As of December 2025, the project's Twitter account shows zero posts despite over 600 followers, and its GitBook documentation was last updated just 8 days ago.

What the Transaction Data Shows

Research conducted via Abscan.org identified the primary wallet associated with TENGU's deployment across multiple chains — the same wallet address (0x5ED025500275fA58D03D5996C9822023C79F88f2) appears on Ethereum, Abstract, and Base networks.

Wallet attribution was established through multiple verification points: (1) the deployer address appears consistently across Ethereum, Abstract, and Base networks for TENGU-related contracts, (2) NFT holdings in these wallets match BoredBull's Twitter profile picture and publicly stated holdings, (3) the wallets are linked to BoredBull's Abstract Global Wallet identity, and (4) transaction timing correlates with BoredBull's public Twitter activity promoting TENGU.*

Mint proceeds flowed directly from the TENGU contract to an Abstract Global Wallet associated with BoredBull (0x3dE1eB66dBD7Ebef0cba9c81B41CcA33572224De), as seen in this transaction. Blockchain records show no multi-signature wallet or community treasury was established, meaning the founder maintained sole control over all raised funds—a departure from typical practice in community-funded projects where multi-signature wallets provide transparency and shared oversight.

August 21, 2025: Early Spending

A critical early transaction shows 1.95 ETH transferred to a secondary wallet (0xC0dB4fecc864262167390881A672389786e4B877) that immediately minted 45 DXNK NFTs.

According to Edge Fund's GitBook documentation, DXNK holders receive guaranteed presale access and boosted rewards within the Edge Fund token model, with each DXNK providing a $250 USDC presale allocation.

Sources indicate this purchase was not communicated to TENGU holders at the time, and Edge Fund itself remained non-operational, raising questions about transparency and timing.

August-December 2025: Systematic Withdrawals

Transaction records show a majority of the mint proceeds withdrawn from OpenSea to the primary wallet during the active mint period.

On Ethereum mainnet, holdings include 3 Web3 Playboys VIP passes, Fwogs NFTs, and a lil pudgy NFT (later sold at a loss).

September 6, 2025: Cross-Chain Movement

Blockchain records show bridging activity moving ETH to Base network, with additional funds bridged from Abstract to Ethereum mainnet (approximately 0.999 ETH). Analysis of the Base chain wallet (0xe6f38c920943Cf655221CcE05D39f04e8dEc6152) shows multiple transfers to Coinbase deposit addresses, indicating off-ramping of funds to fiat currency.

September-October 2025: Continued Promotion

During this period, BoredBull remained active on Twitter promoting TENGU, discussing upcoming announcements, the Kura integration, and teasing a potential "$TENGU" ticker.

Project Direction Changes

When the Edge Fund strategy did not materialize, the project shifted focus multiple times. No refunds were offered to minters. Individuals familiar with the project describe a pattern: BoredBull would position TENGU around others' projects without fully coordinating with those creators, then pivot again when arrangements fell through.

The first redirect involved proposing to invest TENGU treasury funds into Web3 Playboys NFTs. BoredBull purchased a Web3 Playboys one-of-one NFT (1.5 ETH) with TENGU funds as part of this strategy and communicated this as a new investment direction to holders. However, this pivot was short-lived as the broader strategy never fully materialized.

The final pivot came with Kura, a community-driven directory for Abstract blockchain apps and games. BoredBull promised TENGU holders would receive 80% of Kura's revenue, positioning the platform as a way to deliver returns when the Edge Fund strategy stalled.

Kura was positioned as the new utility for TENGU holders — a platform where early-stage projects could gain visibility before reaching Abstract's highly curated official Portal.

BoredBull promoted Kura heavily during TENGU's final minting period in October 2025, using the platform announcement to drive additional NFT sales. Throughout this period, BoredBull reportedly emphasized his connections to the Abstract team, suggesting close relationships that could benefit the project.

Leveraging Community Reputation

Central to TENGU's initial credibility was BoredBull's long-standing reputation within the Abstract ecosystem, largely built through his association with Bigcoin. As a member of the bigpool community, BoredBull offered to create an unofficial Discord server for Bigcoin, which the team permitted. This role positioned him as a community leader and trusted figure, a reputation he later leveraged to raise funds for TENGU.

However, since the TENGU mint concluded, BoredBull has been largely absent from the channels he created. The unofficial Bigcoin Discord has reportedly seen an increase in scam links and unmoderated content.

The core team has since distanced itself from unofficial channels.

On December 18, 2025, the official Bigcoin account reminded followers that “There is no official Bigcoin Discord. All updates will come from this account,” reinforcing that any community servers — including the one BoredBull helped create — are unofficial and not overseen by the core team.

Current Status and Implications

The path forward for TENGU holders remains unclear. The original Edge Fund promise has not materialized, the TENGU website is offline, and key team members have departed. With funds largely tied up in illiquid NFT assets or off-ramped to fiat, the project appears to lack both operational infrastructure and clear communication about next steps. While Kura remains live as a functional product, its ability to generate revenue to repay investors is uncertain in current market conditions.

Community members also report that the original TENGU website has been offline for several days, suggesting the domain or hosting was not renewed and further signaling a lack of active maintenance.

The discrepancy between promised allocations and documented expenditures remains a central concern for TENGU holders seeking clarity on fund management.

Kiwi, who served as community manager, recently announced his departure from the project. Mal, the developer that built the Kura MVP, had already stepped away. With key team members gone and no clear communication about next steps, holders remain uncertain about the project's future direction.

"I got involved with Kura because I genuinely believed in the idea and wanted to help build something useful for Abstract," Kiwi said, noting that the lack of transparency around TENGU’s funds left both him and holders feeling misled.

His sentiment reflects broader concerns among Abstract community members who believed they were supporting legitimate ecosystem development.

Update: BoredBull Announces Partial Refund

Timeline of Events

December 22, 2025, ~6AM CST: EurekaNews contacted BoredBull via X DM, notifying him of this investigation and offering the opportunity to comment before publication.

December 22, 2025, ~7AM CST: BoredBull responded: "I'm not sure what the intent here is. I'll review it with my attorney after it's published and see where I go from there. There is a lot of context missing that I will make a formal response to after you publish."

December 22, 2025, 7:49 PM CST: Approximately 12 hours after initial contact, BoredBull posted the following announcement to the TENGU Discord community:

everyone There are a lot of conversations around distributions, our fund management, Kura revenue, etc. Distributions have not happened because we have not made one penny on Kura yet unfortunately. Funds were not spent in the most efficient way. We bought DXNK in bulk in preparation for the Edge Fund presale. No secret that we pivoted to building Kura. We bought other assets for various reasons that also didn't work out the way we intended. I have paid 3 devs, 2 artists, and mods. I've paid for dc server boosts, bots, etc. And yes I spent some myself.

Several people have made it clear that there are concerns regarding this and many more potentially that I don't know about. After talking to the team about a "proof of funds", we have decided to take a similar yet different approach. We will distribute via airdrop .015 ETH for each Tengu nft held to the wallets that hold them. We will be treating this as a "refund" of sorts. Expect nothing beyond that airdrop.

Although we still intend to provide benefits on Kura for nft holders, we are no longer making promises or guarantees for Tengu nft holders. I wish Kura took off as expected. It didn't, and people are understandably tired of waiting. Tengu will be a "Founders" nft with no marketing and no expectations (that doesn't mean we won't do anything else for the nft). Kura for the time will continue as I truly believe in its purpose.

I will announce once snapshot is taken (won't be today). I will announce once the ETH is distributed. Thank you to everyone who was patient and trusted me. I hope to bring good news of Kura soon and additional benefits for holders, if not then I hope this refund dispels most aggravation for the holidays. I couldn't have asked for a better community over the last months. Love you all

What the Announcement Confirms

BoredBull's Discord message corroborates several key findings from this investigation:

• "Funds were not spent in the most efficient way" - Acknowledges the spending pattern documented via blockchain analysis
• "We bought DXNK in bulk in preparation for the Edge Fund presale" - Confirms the 45 DXNK purchase (1.95 ETH) identified in August 2025 transaction records
• "We bought other assets for various reasons that also didn't work out" - Aligns with NFT purchases documented across Web3 Playboys, Fwogs, and other collections
• "And yes I spent some myself" - Acknowledges personal use of raised funds
• "We have not made one penny on Kura yet" - Confirms the original Edge Fund promise never materialized and the Kura pivot has not generated returns

The Proposed Refund

The announced refund of 0.015 ETH per NFT would return approximately 26.4 ETH to holders (1,759 NFTs × 0.015 ETH), representing roughly 80% of the total 32.79 ETH raised.

Community sentiment has shifted positively following the announcement, with many holders expressing gratitude for the proposed refund.

Questions remain about execution timeline, source of refund funds given documented spending, and whether an 80% partial recovery constitutes full accountability for the original Edge Fund promise. As of publication:

• No snapshot has been taken
• No timeline has been provided beyond "won't be today"
• No funds have been distributed
• BoredBull has not clarified where the 26.4 ETH will come from

Holders seeking clarity on the refund timeline should monitor the tengu-abs Discord for updates.

Editor's note: This article is based on materials submitted by TENGU holders and community members, corroborated with public blockchain records. BoredBull was contacted for comment in the early hours of December 22, 2025 and initially indicated he would review the article with legal counsel before responding. At 7:49 PM CST the same day—approximately 12 hours after initial contact—he announced a partial refund plan to the TENGU Discord community without providing comment to EurekaNews. His full Discord statement is included in the "Update" section above.

FAQ

Q1: How much money did TENGU raise and where did it go?
A1: TENGU generated approximately 32.79 ETH in total volume across 1,759 minted NFTs according to OpenSea data. Blockchain data via Abscan.org shows approximately 32 ETH withdrawn to wallets associated with the founder during August-December 2025. Transaction records show these funds were directed toward NFT purchases across multiple collections, cross-chain bridging, and transfers to exchange addresses.

Q2: Was Edge Fund ever a real investment opportunity?
A2: Edge Fund has a GitBook with documentation describing an AI-driven investment fund concept, but as of December 2025, the project's Twitter account has zero posts despite over 600 followers, and the GitBook was last updated just 8 days ago. The fund was not operational when TENGU launched in August 2025.

Q3: Is Kura connected to the TENGU situation?
A3: Kura operates as a community-driven directory for Abstract blockchain apps and games. BoredBull promised TENGU holders would receive 80% of Kura's revenue when the Edge Fund strategy did not materialize. However, with recent departures of key team members including the MVP developer and community manager, Kura's ability to generate sustainable revenue remains uncertain.

Q4: What happens to TENGU holders now?
A4: With funds largely tied up in illiquid NFT holdings and key team members departed, the path forward for TENGU holders is unclear. BoredBull has approximately 40 Web3 Playboys NFTs listed for sale, though their liquidity in current market conditions remains limited. The original Edge Fund promise has not materialized, and Kura's ability to generate returns in a bear market is uncertain. Holders are left waiting for clarity on whether the project can pivot to a sustainable model.