“Sorry for the lie”: Ethereum NFT Fraud Fame Lady Squad cleaned up

Soon

  • developers of a popular NFT gathering project called Fame Lady Squad admitted on Tuesday that they are not women, as stated above.
  • Control of the project’s smart contract has been transferred to the FLS community collectors.

As the market for NFT digital collectibles is expanding rapidly, the pseudonymous nature of the cryptocurrency industry can make it difficult to really know where projects are coming from and trust who is behind them. Many NFT collectors found out the hard way this week after the creators of a major female-focused project admitted they lied about being female.

Fame Lady Squad (FLS) is an NFT-based Ethereum that launched in July, claiming to be the “first female avatar project of all time,” according to her profile on. (For the uninitiated, an NFT is a special type of cryptocurrency that can be used to prove ownership of digital items, and its market in the art and gaming world has exploded over the past year.)

Fame Lady Squad series of 8,888 individual NFTs, supposedly created by a trio of women: Cindy, Kelda and Andrea, was quickly minted and snatched up by collectors. An engaged fan community grew around the project and secondary market prices began to rise.

Investor and social media influencer Gary Vaynerchuk – a NFT creator himself and new owner of a $ 3.7 million CryptoPunk NFT – married his love for Fame Lady Squad on, and the project received a mention in a recent New Yorker article. . Amid a recent surge in trading volume in the NFT market, Fame Lady Squad appeared poised to continue increasing demand.

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But in recent days, questions about the origins of the Fame Lady Squad project have grown louder. Hounds like @FedorLinnik, @dearesthaley, and @NFT_Marty shared lengthy tweets connecting the dots between several recent NFT collectible projects that seemed to come from the same source or stock creators, including Cyber ​​City Girls Club and Unicorn GG Club.

Top NFT collector joke tweeted Tuesday who “failed to do my research correctly” when they bought a Cyber ​​City NFT and suggested it was “made by a development team that seems to be churning out a new project every day.”

Lesson time, yesterday I couldn’t do my research on a project properly… @Ciberciudad, it turns out that the project was built by a development team that seems to be churning out a new project every day. Your neighbor is @UnicornioGG, launch tomorrow. This information brings some reflections… pic.twitter.com/N7CUPjCaqI

– Joke (@pranksyNFT) August 10, 2021

Pranksy added that the team was “so cheeky” in promoting their next project, Unicorn GG Club, and wondered, “Are the questions here that really make a [profile picture] project worthwhile? development team, the community, the time it took to create it? «

While these are questions for NFT collectors to ponder, the allegations were increasingly pointing to false information provided by the project’s developers. FedorLinnik, a developer behind other crypto projects, said the evidence pointed to a group of Russian men who had “coined new NFT projects as carriers” last spring. y seemed to be behind Fame Lady Squad and the other new projects as well.

Coming clean

Although the Fame Lady Squad developers initially objected, citing “false statements” and vindicating the jealousy of rival NFT creators, they eventually abandoned the charade after increased pressure from the collector community.

Tuesday, developer Max Rand tweeted who was one of the people behind Fame Lady Squad and other projects, along with a couple of contributors: D Mefi, who briefly deleted his account from, and another anonymous partner. “Sorry about the lie,” Rand tweeted. “I was too scared to say it because of [a] amount [of] threats [on] from me, from my stupidity and from not understanding the rules of the American market culture.”

official account of Fame Lady Squad went further with its explanation. “Let’s face it: Fame Lady Squad was created by a male team and we’re sorry we didn’t mention this earlier. But that doesn’t mean it’s a scam or a scam, “the team tweeted.” We realized that there is an absolute lack of female projects in the space. And, since we are really fascinated by the power of women, we have carried out this successful project ”.

3 / Let’s clarify immediately: Fame Lady Squad was created by a male team and we are very sorry not to have said this sooner. But that does not mean it is a scam or a fraud. We love the NFT community and everything NFT related.

– Fame Lady Squad (@FameLadySquad) August 10, 2021

Meanwhile, the Cyber ​​City Girls Club NFT project, originally attributed to a pair of Asian-born developers, explained its own hoax in a tweet thread.

“I’m sorry to everyone who participated in this project because it was only created by 2 Asian women,” began the thread of the tweet. “CCGC was created by a team of 6 people, only 2 of them were women. We will expand the roadmap and give more value to the owners. Good evening!”

Although the Unicorn GG Club NFT project did not have the same kind of problematic misrepresentation issue, the development team, which included Rand and D Mefi, decided to pause the sale of NFT amid the broader controversy. “I’m not trying to escape, I just clear my mind,” tweeted co-creator “Trible Penguin”. through the official account. “We don’t [fucking] carpet pull Memecoin but we really are [afraid of] harassment. I’m very sorry to wait.

Allegations that the developers themselves are behind Project Queenship NFT, which features illustrations of black women and was allegedly developed by black women, has yet to be confirmed. Hunger Lady Squad denied the connection earlier this week, and Rand again denied involvement in a post today. decipher. royalty website is now unavailable, and the latest draft tweets on Monday criticized against speculation as to its origins.

Additionally, the team behind NFT Project Bulls On the Block, which some researchers have suggested were also associated with the same developers, denied any association with the creators of FLS after a recent giveaway promotion.

A change of plans

It’s a disaster, to say the least. Collectors who have purchased Fame Lady Squad’s NFTs in particular feel misled into believing that they have purchased a project created and targeted at an underrepresented audience in the crypto space. FLS NFT prices plummeted in value on the offshore secondary market yesterday, as collectors tried to panic to sell their NFTs, fearing demand would decline amid a seemingly unsustainable path for the project. .

For their part, the creators of Fame Lady Squad seek to do good in the form of money. Rand stated that he and his collaborators will create a $ 100,000 grant fund to help support new NFT projects and artists, with Rand saying figuring out that it will be released “soon” in “a few days.” Unicorn GG added that it did. donated 5 ETH (about $ 15,700) in Virunga National Park in the Democratic Republic of Congo in Africa, providing an Etherscan link as proof.

Haunted by the revelations of yesterday and the dizzying accusations of the previous days, some prominent members of the Fame Lady Squad community have begun to push for a different kind of resolution, to try and claim a future for the project. Featured NFT Collector Artchick detailed a possible way forward in response to Rand’s confession tweet on Tuesday.

This is over for you, Artchick told Rand. If you want to do the right thing, I can negotiate a deal where you relinquish control of yours. smart contract and FLS NFT holders have the opportunity to recoup their losses and potentially prosper. Put the contract in the hands of the community ”. (A smart contract is code that executes instructions and powers NFTs and decentralized or dapp applications.)

That’s exactly what happened. After voting on the decision in, Fame Lady Squad developers transferred control of the NFT project smart contract to it. Artchick, in turn, transferred the contract to a prominent member of the FLS community “Bored Becky” who will manage the project with other members.

FLS team transferred the contract to me and I moved to @iamboredbecky, chosen by the community as a tutor

next steps will be decided by you and the community (I have nothing to say!)

the original team no longer receives royalties from FLS, they are removed entirely

– artchick.eth (@digitalartchick) August 11, 2021

According to Artchick’s tweets, developers will no longer benefit from secondary sales. Decipher reached out to Artchick and Bored Becky regarding the transition, but received no response as of press time. We will update this article if they respond.

When asked why his team gave up control of the Fame Lady Squad, Rand said to simply figure out, “Because the community wanted it,” adding a smiley face. Co-creator D Mefi responded to a tweet today defending his team’s actions, stating, “We didn’t fuck anyone. We have created a project that has benefited many people and invited many new ones to the space. I know why you are angry, we apologize for making this mistake, and we made good decisions to allow FLS to thrive again. “

Secondary market prices for NFTs are again above levels seen before the team’s confession, as collectors praised the move and community members began to enthusiastically discuss the new way forward. However, no similar plans have been disclosed for the transfer of control of the related NFT projects.

As of now, the Fame Lady Squad community seems to have gotten a positive resolution after such disturbing revelations. However, it’s unclear if the recently launched Cyber ​​City Girls Club project will make a comeback after this week’s news: Those NFTs are selling for around 0.01 ETH (about $ 32) offshore, compared to a minimum of 0.13 (about $ 420) for FLS collectibles.

Pranksy’s aforementioned tweet reflected on what makes NFT’s avatar collections valuable, and as this situation demonstrates, there may be a link between the claimed origin story and the perceived value of the artwork. It is somewhat subjective, but when that value is generated on the basis of fabrications, without the help of the pseudonymous nature of cryptocurrencies, investors can be misled and end up with NFTs losing much of their expected value.

Not all stories like this will have a happy ending.

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