Non-fungable token (NFT) Company Pixel Vault has been attacked because of its involvement in what seems to be a roughly $ 3.5 million carpet pulling schedule in which the founder and former CEO are involved. In the last turn of events, the company announced on Wednesday that the Sean Gearin, also known as Gfunk, removed from its position as CEO. The project has not provided any details about the alleged rug, but stated that the ‘actions of the now ex-CEO’ actions are being assessed ‘.
Gfunk has been accused by several NFT community commissioners and former partners on X of misleading investors for personal profit. In particular, Gfunk has encouraged investors to rotate the punks – token of the ecosystem – that represents fractionated ownership in the cryptopunks collection of Pixel Vault – in a new token, re -synchronized GG. The capital rotation took place between when GG was launched in December 2023, and until the time of the auction of the Cryptopunks collection of the company in 2025. GG is the official sign of rebootgg, under the Pixel Vault Ecosystem Parbellella.
At the same time, GFUNK is said to have collected large amounts of punks, just in time for the Cryptopunks Vault of the company to be auctioned for 930 ETH, or $ 3.4 million, on 5 June, as a result of which Gfunk is personally personally left with a substantial amount of the proceeds.
Cryptopunks Valuation Tool Punkpredictor claimed that the auction party was closer to 950 ETH at the time.
Cryptopunks auction rating. Source: Punkpredictor
Community Response
One NFT collector, known as Rodo, put the former CEO in the weekend in an X -post and said: “Gfunk pulled one of the most flagging carpets I saw in a while.”
Rodo continued to list their allegations against Gfunk, including the CEO ‘hundreds of millions with Pixelvault’, users were involved in moving funds from punks to GG, and that he ‘silently the punks safe auctioned[.]”But, Rodo noticed, investors noticed it.
When spectators gfunk called for what seemed to be with the safe auction, Rodo claims that the CEO of Pixel Vault promised that “yields will be used to build the ecosystem”, before they continue to close operations, they claim to close, claim to be hacked and getting dark on social media.
The most recent X -post from Gfunk is from 22 June.
Other NFT OGs have quickly been to the public shame. Beanie, another anonymous but remarkable collector, had been involved with Pixel Vault before an audience cried with Gfunk, which led to the team removed him from operations.
Beanie not only called Gfunk, but also NFT Lending Platform Gondi, for participation in the scheme. In a post on July 28, he accused the NFT platform of creating a private punk loan prior to the Vault auction. Beanie claimed:
“It was done, so that Gfunk (a Gondi advisor) could borrow ETH against Punks -Tokens. The used collateral included tokens of the Punks stakes contract. This allowed Gfunk to get the bid.”
Beanie’s statement implies that Gfunk not only misled investors to make money with the sale of the auction, but also used his advisory role to increase the auction itself.
It is worth noting that Pixel Vault was publicly offered on the collection at the market value of the auction slot, which can imply fair play and transparent practices in the bidding process of the auction.
Pixel Vault is known for creating the Punks Comics Ecosystem, and the project has collected $ 100 million for the development of NFT infrastructure in 2022, in addition to funds that are made up of its multiple collections.
During the NFT Bull Run in 2021 NFTS in the Pixel Vault Metahero Collection-the Profile Picture NFT (PFP) collection of the ecosystem-on that moment on more than 10 ETH per NFT or $ 40,000. Currently, the collection of hand is changing for slightly less than 0.03 ETH, or around $ 107.
Metahero Price Chart, 2021-2025. Source: OpenSea