NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
    NFT Evening NFT Evening
    News

    Home » News » Only Fans Model and NFT Founder Vanessa Sierra Accused Of Scam

    Only Fans Model and NFT Founder Vanessa Sierra Accused Of Scam

    By VineetDecember 9, 2022Updated:December 15, 20224 Mins Read
    Contents hide
    What Is The Problem With Vanessa Sierra’s Smol Boyz Land NFT Project?
    What Happened To The ‘Smol Boyz Land’ Funds?
    Only Fans Model Dupes NFT Community? The Plot Thickens

    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!

    The love Island star might be in trouble now.

     

    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.

     

    What Happened To The ‘Smol Boyz Land’ Funds?

    So, 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.”

    Only Fans Model Dupes NFT Community? The Plot Thickens

    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.

     

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    celebrity nftFemale NFTNFT Scam
    Previous ArticleLedger Connect: Meet The Web3 Browser Extension of the Future
    Next Article Lifecell Mobile Operator Launches An NFT Marketplace For Ukraine
    Vineet
    • Website
    • Twitter

    Vineet is a storyteller based in Mumbai. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. As a musician by passion, he fell in love with the digital megastructures building the future of art and creativity. He believes that web3 unlocks creativity at a higher level, and works towards onboarding music projects to the space.

    More great NFT Evening content:

    Pudgy Penguins Lil Pudgys Can Now Travel Across Chains!

    January 25, 2023

    Queer Museum of Digital Art Drops First Artist Grant Program NFT

    January 25, 2023

    Floor Acquires WGMI.io To Help Achieve Its Mission

    January 25, 2023

    Art Blocks Announces an Official Partnership With Bright Moments

    January 25, 2023

    Ex-Konami Team To Launch an MMORPG On ImmutableX

    January 25, 2023

    Porsche NFT Collection Flops Post Drop, Called a “Cash Grab”

    January 25, 2023

    House of Blueberry Raises $6Million to Bring Fashion into the Metaverse

    January 24, 2023

    Web3 Film Calladita Receives Award and $100k in Post-Production Funds

    January 24, 2023
    Latest NFT News

    Pudgy Penguins Lil Pudgys Can Now Travel Across Chains!

    January 25, 2023

    Queer Museum of Digital Art Drops First Artist Grant Program NFT

    January 25, 2023

    Floor Acquires WGMI.io To Help Achieve Its Mission

    January 25, 2023

    PEDIGREE® Enters The Metaverse To Combat Pet Homelessness

    January 25, 2023

    Art Blocks Announces an Official Partnership With Bright Moments

    January 25, 2023

    Ex-Konami Team To Launch an MMORPG On ImmutableX

    January 25, 2023

    Porsche NFT Collection Flops Post Drop, Called a “Cash Grab”

    January 25, 2023

    House of Blueberry Raises $6Million to Bring Fashion into the Metaverse

    January 24, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.