Is Venom Foundation's NFT Project a Scam?!

In the realm of blockchain innovation, the emergence of Venom Punks in late 2022 stirred a sense of excitement and possibility. Nestled within the promises of the Venom blockchain, Venom Punks envisioned a space where decentralization thrived, offering boundless support for developers. However, what unfolded was a narrative far removed from this vision, revealing the stark realities of centralization within the Venom Foundation.

As Venom Punks embarked on their journey, crafting projects like VenomSea and Wrapped Venom Station, they stumbled upon a disconcerting trend. A parallel endeavour, venom-punks.com, not only mirrored their efforts but also appeared to receive undue endorsement from the Venom Foundation. This copycat venture not only mirrored Venom Punks' initiatives but also seemed to overshadow them with the foundation's support.

Voicing their concerns, Venom Punks shed light on what they deemed fraudulent activities by the Venom Foundation, asserting that the foundation appeared more akin to a centralized chain, operated like a family business. They suggested that this structure could provide preferential treatment to family, friends, and associates, thus limiting the success chances for builders not closely associated with the Venom Team.

In January 2023, Venom Punks established their presence across platforms like Discord and Twitter, alongside launching their domain. By May of the same year, they took a decisive stand, unveiling what they perceived as fraudulent practices by the Venom Foundation.

Their revelations pointed to a possible collusion between the foundation and venom-punks.com, aiming to replicate Venom Punks' original NFT designs and concepts. Christopher Louis Tsu, Venom Foundations current CEO, even publicly endorsed the clone project on Twitter, deepening the suspicions.

The situation escalated when Slava Semenchuk, known as Venominator on Discord, joined Venom Punks' Discord server in March of the current year. His alleged mission to defend venom-punks.com raised eyebrows within the vigilant Venom Punks community.

Despite attempts to portray the clone project as legitimate, Semenchuk's actions only fuelled suspicions. Armed with evidence, Venom Punks confronted Semenchuk, revealing a direct link between the scam project and the Venom Foundation.

The association between the scam project and the foundation became undeniable through public discussions and promotional materials. Ethical questions surfaced, questioning if the foundation's involvement aimed to supplant original innovators with a more controllable venture.

The revelation of misleading marketing tactics, false advertising, and attempts to divert traffic from the original project underscored the foundation's dubious practices. CEO Christopher's inadvertent acknowledgment of the legitimate VenomPunks.com further exposed the underlying connections.

Despite the ongoing support from the Venom Foundation, venom-punks.com openly criticized its sponsor, alleging disorganization. The irony of a project denouncing its supporter while benefiting from its backing raised eyebrows.

The involvement of Oasis Gallery added another layer of complexity. Though the foundation claimed it as an independent third-party dApp, the close ties between the gallery and the Venom Foundation suggested otherwise.

VenomPunks.com's decision to depart from the Venom chain stemmed from the foundation's failure to foster a fair environment and protect genuine developers. Their departure signifies a quest for a platform where integrity and equal opportunities reign supreme.