WHERE WERE THE FUNDS SENT?(Part 1)

Chef Goose
4 min readJul 15, 2022

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

Twitter: @SmashverseGame
  • 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

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

Twitter: @swarms_ai
  • 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

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

Twitter: @MadSkullz_NFT
  • 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

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

Twitter: @thepersonNFTs
  • 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

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

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Chef Goose

I mainly post on Twitter — Medium is just for my long-form content. https://twitter.com/0xChefGoose