02.08.2025 13:27

Following allegations of self-dealing and a rug pull, Pixel Vault, a prominent NFT company, has ousted its CEO, Sean Gearin (@gfunkera86). The company announced the dismissal via X (formerly Twitter), stating that Gearin's conduct is currently under formal review. This swift action comes in response to serious accusations that have rocked the NFT community.


The scandal centers around Pixel Vault's involvement with the MetaHero universe and its associated tokens: $GG, $PUNKS, and $POW. Community members allege that Gearin orchestrated manipulative trades, exchanging $PUNKS for $GG tokens at market lows, ultimately resulting in Pixel Vault acquiring 87% of the $PUNKS supply. Many users now claim that $GG has become virtually worthless, significantly impacting their investments.


Adding fuel to the fire, this controversy erupted concurrently with a highly anticipated auction of sixteen CryptoPunks, assets integral to the Pixel Vault ecosystem. This auction generated a substantial 930 ETH (approximately $2.4 million). The project's supporters initially envisioned this Ethereum would invigorate Pixel Vault's economy, benefiting both developers and players. However, numerous X posts suggest that the funds were instead misused, allegedly lining the pockets of the former CEO before being squandered through high-risk derivative trading on platforms like ByBit.


The fallout extends beyond the immediate loss of funds from the auction. Questions abound regarding the disappearance of over $100 million in total funding, including venture capital investments. Analysts, citing recent on-chain activity, are further scrutinizing these financial irregularities, adding to the mounting pressure on Pixel Vault to provide transparent and credible answers regarding the mishandling of investor and community funds.