OnlyFans model Vanessa Sierra launched her first NFT project in partnership with Reagan.eth in March. According to various reports, Vanessa “rugged” her project this week. On December 8, crypto researcher OkHotshot took to Twitter to highlight the various infractions that lead to the project’s fall. The thread is unique to the initiative’s genesis, the true destination of the monies, and Vanessa’s past.
The SmolBoyzLand NFT project by Vanessa is canceled
In the past few months, the NFT market has seen a steep downturn, with the value of many NFTs falling by more than 60%. Due to the current market crisis, Sierra executed one of the worst imaginable moves in the blockchain business. She tricked the investors in her non-fungible coin business “SmolBoysLand” using a “rug pull.”
Vanessa Sierra was previously in a relationship with Australian professional tennis player Bernard Tomic. She has around 550 thousand Instagram followers. Earlier this year, Sierra and her co-founder, “Reagan.eth,” established the SmolBoyzLand NFT project.
For the debut of the SmolBoyx NFT collection, Vanessa Sierra and Reagan.eth each raised $5,000 in March. Due to the robust cryptocurrency market, the NFT project was able to attract investors earlier this year and raise 127 ETH, or roughly $431,000. Money was moved into a “multisig” wallet.
Two or more people who agree on how to spend the money administer a “multisig” wallet. “It is apparent from both data and personal experience that prices will climb,” the whitepaper for the project argues, urging investors to put money into the venture because of the expected price increases.
What went wrong with the SmolBoyzLand NFT project and Why
OkHotshot, an on-chain data analyst and Discord investigator, found that the creators of SmolBoyzLand withdrew almost 120 ETH of the 127 ETH they had raised in July, marking the beginning of the project’s collapse. In an interview, Sierra revealed that she planned to put the money back into her NFT venture.
After waiting another five days, the developers finally set up the Community DAO, where users can cast their votes on whether or not all the money should be used for trading. As soon as the vote was over, the challengers moved all of the freshly earned monies to a wallet that required many people’s signatures.
Sierra deceived the donors by immediately using the money after the campaign concluded. She bought 28 SmolBoyz NFTs using the 10 ETH that was delivered to her wallets. Then she withdrew eight ether from Binance. The remaining money were cashed out by the founders since then. Earlier this week, the lone fan model declared that she was pulling out of her SmolBoyzLand NFT project because of the recent generally dismal market in cryptocurrencies.
However, OKHotshot strongly disputes Sierra’s analysis of the market’s downturn. The on-chain investigator is worried about a wide range of problems, such as holders being misled about funds being taken out soon after the mint, wash trading, paper multi-sig, marketing sh*tcoins on Telegram, dumping NFTs on followers, and making bogus offers for valued NFTs.
The on-call detective thinks more work needs to be done on the case.