Thread by @NFTherder

🚨Finished on-chain analysis of how OnlyFans model Vanessa Sierra rugged her first #NFT project SmolBoyzLand

Please share to spread awareness

Before we start know that this thread has limited space so I'm only covering main issues. My analysis covers:

1) Launch and paper multisig
2) Where the funds go
3) Vanessa's history

Lets go ...

Vanessa Sierra (@vanessasierra00) an OnlyFans model with 550k followers on IG released her 1st NFT project back in March. Her co-founder was itsreagan.eth (@reaganeth)

This week she rugged her project

So wtf happened and where did all the funds go?

1) They launched on March 7th and raised 127e. The contract transferred all the funds to their multisig wallet

Their whitepaper stated ppl should invest because

"it's clear statistically and experientially that prices will trend upwards"

So what could go wrong?

1b) After the mint 18 $eth was sent to two wallets using the multisig. The 10e sent to 0xD4086 was used to buy 28 SmolBoyz nfts over 6 wallets

The leftover 2.9e was sent to itsreagan.eth. This was done to pump the floor and fake demand

The other 8e was cashed out using Binance

1c) The multisig only has 3 signers: Vanessa, itsreagan and the creation wallet (funded by itsreagan.eth)

Important to understand moving forward: the founders are in complete control of the multisig. No other party has any objective veto power ...

2) From March till May the remaining funds were gradually spread between the founders or cashed out

2b) And by May 7th the founders had taken ~120.68 of the 127 eth raised. Yet on July 22th @vanessasierra00 told her buyers that: "absolutely none of the funding has been taken by founders" ...

2c) Wait did she just lie?! That can't be!

I mean she explicitly said she COULD take the money and run BUT would NOT in an interview with @newscomauHQ prior to launch 👇

2d) Five days later the founders started a DAO vote. Their community was given 2 options

a) use all funds for "trading"
b) funds stay in the multisig

The result didn't matter since the funds were already taken months prior 🤷‍♂️

3) Either way the result was to use the funds for "trading". And surprise ..

It turns out Vanessa is an expert trader giving crypto tips on IG and Telegram since 2021!

Expert tips like buying Floki Shiba and DogeT (not to be confused with Dogecoin) ..

3b) And ofc its not complete without dumping nfts on your followers, like the minting, posting and selling here ..

3c) She's such a good trader she claims to have turned $5000 into close to a million dollars flipping nfts 👇

3d) But looking at her wallet history she tried to trick dozens of #BAYC holders with low DAI offers hoping one would mistake it for an ETH bid and accept

A common practice used by phishers ..

3e) Cashing out funds right after mint and lying about it to holders, wash trading, paper multisig, promoting sh*tcoins on Telegram, dumping NFTs on followers, and placing trick offers on valued nfts

What an inspiring track record in such a short time ...

3f) Ofc the funds weren't used for any trading. More likely the misleading vote was done incase they ever needed a cover story for not returning the funds because they could simply claim they lost it all "trading" 🤷‍♂️

Maybe her joke video about NFT founders taking all the funds and writing it off as "expenses" wasn't a joke but a prediction ..

If you think this thread was helpful, please retweet the first tweet and follow me: @NFTherder

If you want to learn more about the risks involved with NFTs read this

https://twitter.com/NFTherder/status/1563521615027372033

Disclaimer: this thread has limited space so I only covered main issues. It's intended for educational purposes and commentary. I do not get paid to write my threads. All information shared is publicly available.

Vanessa Sierra's NFT interview for reference
news.com.au/technology/onl…

Credits to @swannynfteth for the first image.

Of course

Vanessa deleted the SmolBoyzLand Alpha private Telegram group. Probably nothing ..

Update: for clarities sake I've created a side-by-side comparison of the founders taking the funds and lying their @smolboyzland holders about it months later

Still Vanessa is lying about it to her followers. She's essentially denying the blockchain. Such bs ...

* If you want to check the on the blockchain for yourself see the internal transfers from the SmolBoyz multisig here. You will have to label them yourself. It all points back to @vanessasierra00 and @reaganeth misappropriating the funds from the start

etherscan.io/txsInternal?a=…

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https://twitter.com/NFTherder/status/1601290495430656002