WHERE WERE THE FUNDS SENT?(Part 1)
I am starting a series to follow-up on how various projects have used their funds.
To be clear, a project being on this list does not mean they have misused funds. Some will have misused them, but most projects use funds appropriately. The objective of this series is to know where the funds were sent and how they were used.
In this article:
- Smashverse
- Swarms
- MadSkullz
- The Person
I am using Medium, as this requires a larger format, but most of my investigations into projects using on-chain information is posted on my twitter:
Twitter: https://twitter.com/0xChefGoose
SMASHVERSE
- Mint date: February 18th
- Total minted as of this article: 750 out of 750
- Total funds collected from mint: 3,750 AVAX
FUND HISTORY
- 185.5 AVAX sent to Kalao-related address
- 3,562.5 AVAX sent to community treasury
- 1,123 AVAX off-chained
See “Treasury Management” section for further details
ADDRESSES
- NFT contract: 0x0c2736f9E9Ef8b724CfF427555B1231c28B6Da61
- Kalao-related address: 0xA602751451a586d963cB103423d6aAA30Daef46C
- Community treasury: 0xB8ea3F1472d123cAdB171aDdB8292E471d366933
- Address used to off-chain: 0x11F8A2C29e20b3A42B0860f6037E5C1b93591045
IMPORTANT TRANSACTIONS
- Adding liquidity (Feb. 23rd): https://snowtrace.io/tx/0xaf2e6a9ab82e99fc34361caec66f55b9b46e95bfa1704d05f28608798005ef45
- Adding liquidity (Feb. 28th): https://snowtrace.io/tx/0x81e504229dee072321b97f51a4cc72daec6aff4b40ad4a9cd3cfe10ccb7a487b
- Withdrawing liquidity on May 13th: https://snowtrace.io/tx/0x0cb1111e30b5aaec5374fe3c03a66bedc52c6b9ddf8ea4ed0acfb2a42c51541e
TREASURY MANAGEMENT
After the off-chained funds, this left the treasury with 2,440 AVAX (≈207,400$ with 85$ AVAX price on February 15th).
Today, the wallet holds:
- 1,385 $AVAX
- 5,060 $JOE
- 1,136$ in a WAVAX + USDC pool
For a total worth of ≈30,600$
They received ≈120 AVAX from royalties on the secondary market, worth ≈2,300$ at the moment.
The Smashverse team started with a community treasury of ≈207,000$, which is currently worth 28,000$.
The reason for this is that a large portion of their treasury was used to buy $UST (≈95,000) and to add it to a UST/AVAX pool.
When they withdrew their pool on May 13th and swapped everything, they received 1,338 AVAX (≈35$/AVAX at the time), worth ≈ 46,000$ at the time. Since they kept it as AVAX, it has since dropped further in value.
I communicated with the team, as they had not made an official statement about the significant treasury loss. Following my questions, they made an announcement, almost two months after the treasury loss:
This was the response I got privately:
SWARMS
- Mint date: April 22nd 2022
- Total minted as of this article: 7,653 out of 10,000
- Total funds collected from mint: 7,114.5 AVAX
FUND HISTORY
- 273 AVAX still in NFT minting contract
- 6,841.5 AVAX transferred over 7 transactions, between April 20th to June 27th, to contract creator
ADDRESSES
- NFT contract: 0x8b406238259a331B42bfFA1546057247C23aE8a3
- Contract creator: 0x6676BF7bdC0889814725c0E193313540C0445500
- Addresses used to off-chain funds:
1. 0x189fC9cc8c01a773deAa4AE7837E542126F6a005
2. 0x31c9957b9f2938d3d809bFA395106C3c3E2D0a29
3. 0xeC8f46c69F61D2b1C8aA45B44faF371633333781
4. 0x7E4a830e647351183e4eA2493aA45bfb1a2FaF86
IMPORTANT TRANSACTIONS
- List of transfers from NFT contract to contract creator: https://snowtrace.io/address/0x8b406238259a331b42bffa1546057247c23ae8a3#internaltx
- Series of transactions of off-chaining address #1 which receives the funds and then sends them to an exchange: https://snowtrace.io/address/0x189fc9cc8c01a773deaa4ae7837e542126f6a005
TREASURY MANAGEMENT
As funds are off-chain, it is not possible to keep track of fund management
COMMUNICATIONS WITH TEAM
I did not directly communicate with the team, as they had already voiced their opinion on the subject of fund management in this Twitter thread:
MADSKULLZ
- Mint date: June 6th 2022
- Total minted as of this article: 6,000 out of 6,000
- Total funds collected from mint: 5,543 AVAX
FUND HISTORY
100% of funds sent to MadSkullz contract deployer, which were then then to a multisig contract. This information was confirmed with the Madskullz team.
825 AVAX was separated between 4 team members. The rest (4,715 AVAX) was kept as AVAX and put into AAVE, and is still there at the moment.
ADDRESSES
- NFT contract: 0x3025C5c2aA6eb7364555aAC0074292195701bBD6
- Madskullz Deployer: 0x00058e802800f23319E166Bc3Fa0003D5Ab6a055
- Multisig: 0xC35Ad522BB7384B18a95119aF0cb9Edf45911D9d
IMPORTANT TRANSACTIONS
- Transfer from NFT contract to Deployer: https://snowtrace.io/tx/0xdd240910318432f8ecf0b9eef6c0b1fc8783b6b908debe9f405936ed102a2d43
- Transfer from Deployer to Multisig: https://snowtrace.io/tx/0x6ff83ff7ae6021e1d07d17b35fff1250ddec39aa91b1e347063859568810f75e
TREASURY MANAGEMENT
- Current worth of the mint’s funds (4,715 AVAX): 93,829$
- Gaining approx. 3.75% interest on AAVE.
- AVAX price at time of mint: ≈24$-25$
- Worth of the 4,715 AVAX if it were converted to stables at time of mint: 113,160$-117,875$
COMMUNICATIONS WITH TEAM
I communicated with the team, who confirmed the veracity of this information.
THE PERSON
- Mint date: June 17th 2022
- Total minted as of this article: 4,000 out of 4,000
- Total funds collected from mint: 7,800 AVAX
FUND HISTORY
- 390 AVAX (5%) sent to Trader Joe/Joepegs wallet
- 7410 sent to a project contract-wallet
- 987.5 AVAX then sent across various addresses (some I have tagged, so I know they are artists and/or team members)
- On July 8th, 3,700 AVAX was converted to 73,119$ in USDT
- 2,722 AVAX remains in wallet
ADDRESSES
- NFT contract: 0xAcc0Cf012b4c28e23e9450C9824A88a4E178A64A
- Project contract-wallet: 0x621DE0C80944F6A38a03A40A7f684F1267cf3C8e
IMPORTANT TRANSACTIONS
- Transfer from NFT contract to project wallet: https://snowtrace.io/tx/0xdaef8379c0fea4443fa535ef0c4b4ba6618d36bd4def95c9236cb58faa9401a1
- List of addresses to whom funds were sent: https://snowtrace.io/address/0x621de0c80944f6a38a03a40a7f684f1267cf3c8e#internaltx
TREASURY MANAGEMENT
- Current worth of the mint’s funds (2,722 AVAX + 73,119 USDT): 127,512$
- AVAX price at time of mint: ≈16–18$
- Worth of the 6,422 AVAX (2,722 + 3,700) if it were converted to stables at time of mint: 102,752$-115,596$
COMMUNICATIONS WITH TEAM
I communicated with the team, who confirmed the veracity of this information.
Again, for more on-chain analysis, follow me on Twitter: https://twitter.com/0xChefGoose
