On-chain auditor and NFT analyst OKHotshot (@NFTHerder) has exposed Only Fans model Vanessa Sierra for allegedly scamming her debut NFT project. The project titled “Smol Boyz Land” is accused of mishandling collector funds. The long Twitter thread details malpractices by the NFT founder towards its community. Read on to learn more about how this alleged rug pull has played out!
What Is The Problem With Vanessa Sierra’s Smol Boyz Land NFT Project?
Crypto analyst @NFTHerder took to Twitter on 8th December to point out more than a few examples of misconduct leading to the project’s eventual rug pull. The thread is specific to the launch of the project, where the funds really went, and Vanessa’s history. Only Fans model Vanessa launched her first NFT project back in March, alongside co-founder @itsreagan.eth, and allegedly “rugged” her project this week. On launch day, Smol Boyz Land raised 127 ETH, sent to a “multisig” wallet. A “multisig” wallet is usually controlled by 2 or more parties to make decisions on how funds are used. The project whitepaper states that “it is a clear statistically and experientially that prices will trend upwards” and hence people should invest in it.
According to @NFTHerder, 18 $eth was sent to two wallets using the multisig after mint. Moreover, one wallet (0xD4086) was used to buy 28 SmolBoyz NFTs transferred over 6 wallets. A classic case of wash trading by the project founders. Moreover, co-founder @itsreagan.eth used the leftover 2.9 ETH to pump floor prices of the project and create fake demand.
This particular multisig wallet contains only the founders and its creation wallet (owned by itsreagan.eth). This basically means that only the founders are in complete control of the multi-sig and no external parties have any power in the project. OKHotshot continues to claim that from March to May, the remaining funds either gradually spread between the founders or saw themselves cashed out. On May 7th, the founders went all in and took out 120ETH (of the 128 ETH raised).
On the contrary, on July 7th, the Only Fans model stated via the NFT project’s Discord that “absolutely none of the funding has been taken by founders” and that the funds are “still sitting in the public wallet address.” In a previous interview, she explicitly stated that she could “easily take the money and run” but continues to reinvest in the project as she “was to keep growing it.”
Immediately after her reassurance, the founders started a DAO vote. The community had two options presented for vote. Either they vote to use all funds for “trading” or to keep the funds in the multi-sig. OKHotshot states that the result of this poll did not matter. This is because the funds long gone anyway. Coincidentally, the community ‘voted’ for the “trading” option. And, as it turns out, Vanessa also runs a crypto trading Telegram channel with “expert” tips on projects like FLOKI & DogeT (which isn’t Dogecoin).
To add to this, OKHotshot further exposed her pump and dump NFT schemes. Additionally, Vanessa claims she has turned $5000 into millions of dollars via trading NFTs. OkHotshot analyzed one of her “trading” strategies where she bid for top BAYC NFTs with low DAI cryptocurrency offers. This would be in the hopes that someone mistakes the same for actual ETH. This strategy is termed as ‘DAI phishing; a scheme used frequently by scammers, according to @NFTHerder.
The detailed Twitter thread has even more examples and citations to different interviews. The bear market has had an influx of bad actors but it is time that stops. Moreover, the crypto industry does not deserve any more of the bad rep that it gets. This is a time for scrutiny for all founders to keep the ecosystem in check. We are following the situation closely as it develops.