The NFT market has had a devastating downturn in recent months, with several NFTs losing more than 60% of their value. OKHotshot Tweet on December 8 indicated that Sierra has committed one of the cardinal sins in the blockchain world by performing a “rug pull” on the investors in her non-fungible token business, “SmolBoyzLand.”
Sierra revealed plans to reinvest the funds in her NFT initiative in an exclusive interview with New.com.au. Five days later, the creators had launched a Community DAO to vote on whether to use all money in trading or to keep funds in multisig before the contrast sent the funds raised to the multisig wallet.
Sierra deceived investors and began dispersing the funds raised a few days later. Sierra had transferred 10 ETH to wallets in order to purchase 28 SmolBoyz NFTs and cashed out another 8 ETH on Binance, and subsequently, the founders cashed out the remaining funds.
Eventually, the OnlyFans model said earlier this week that she was pulling her SmolBoyzLand NFT project, blaming the recent overall crypto bear market.
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