Author: Michael Source: X, @1912212eth

OnlyFans has purchased tens of millions of dollars in ETH.

On March 23, Leonid Radvinsky, the actual controller of OnlyFans, passed away at the age of 43 due to long-term battle with cancer. OnlyFans company spokesperson only said "passed away peacefully" and asked the outside world to respect the privacy of the family.

OnlyFans is a content subscription platform headquartered in London, England. Creators upload exclusive content and fans pay monthly subscriptions. It focuses on adult content creators, but also covers fitness, music, cooking and other fields. According to the latest data in 2025, OnlyFans user accounts have stabilized at around 377.5 million, and the number of creators has increased to 4.63 million. Currently, OnlyFans has a market valuation of approximately US$18 billion, making it the highest-valued private company among the global subscription-based creator economy platforms.

Radvinsky is a Ukrainian-American who rarely appears in public, but in 2018 he bought 75% of the parent company of OnlyFans, turning a small platform that started in the UK into a cash cow with an annual transaction volume of over US$6 billion. When he joined OnlyFans in 2018, the platform was just a "paid Instagram" that Tim Stokely and his family borrowed 10,000 pounds to build. After Radvinsky’s massive acquisition, he completely focused on adult content. Users grew explosively during the epidemic, and he will take away more than US$700 million in dividends in 2024.

The outside world knows very little about Radvinsky’s attitude toward encryption—he has not disclosed any links on his platform, but he has explored the world of encryption.

Bought tens of millions of dollars in ETH and donated to Ukrainian DAO

During his holding period, OnlyFans quietly launched a small feature in February 2022: supporting Ethereum-verified NFT as avatars. The platform clearly states that this is “the first step in exploring the role of NFT on the platform.” The creator's NFT avatar will have a small Ethereum icon, and you can click on it to jump to OpenSea to view details.

This feature may seem inconspicuous, but it gives millions of adult creators direct access to crypto assets for the first time.

This move was made early. That year, the NFT craze was in full swing. Twitter launched NFT avatars, and OnlyFans followed quickly.

What is less known is that Fenix International, the parent company of OnlyFans, has also purchased tens of millions of dollars in ETH.

According to the company’s financial statements at the end of November 2022, Fenix purchased a total of approximately $19.9 million worth of ETH and classified it as an intangible asset. Due to the collapse of the cryptocurrency market in 2022, the price of Ethereum fell sharply. The company recorded an impairment loss of approximately US$8.46 million that year and adjusted the value of the ETH position to approximately US$11.4 million.

OnlyFans platform has not yet opened encrypted payment, and users still rely on credit cards or third-party virtual cards. In the Radvinsky era, OnlyFans was more like a mixture of "traditional finance + adult content", with a 20% commission and a terrifyingly stable cash flow.

Looking forward to the Russian-Ukrainian war in 2022, a group of cryptocurrency activists and enthusiasts quickly rallied to support Ukraine.

Their approach was to auction an NFT work depicting the Ukrainian flag. An auction concluded by the Decentralized Autonomous Organization “Ukraine DAO” raised 2,258 Ethereum coins, worth approximately $6.79 million at the time.

According to subsequent reports from Decrypt, the adult website OnlyFans also participated in the donation.

Blockchain tracking platform Etherscan shows that on February 27, the address named only.eth donated 500 ETH to Ukraine DAO, which is now worth US$1.079 million.

Zapper data shows that the only.eth address was created in May 2021, and its current total wallet value is less than $2,000. The last wallet transfer activity was 3 years ago.

However, it was its founder Tim Stokely who really brought the OnlyFans gene into encryption.

Stokely founded the platform OnlyFans in 2016, resigned as CEO in December 2021, and completely turned around. In May 2022, he and former OnlyFans executive RJ Phillips launched Zoop, an NFT trading card platform based on the Polygon chain.

Zoop is positioned to be completely "family-friendly": it sells 3D digital collection cards of celebrities and Internet celebrities. Users can buy, sell, trade, collect, and also receive airdrop benefits. Limited release, emphasizing creator sharing. Zoop essentially moves OnlyFans’ “fans pay directly” model to the Web3 collectibles track.

In April 2025, Zoop and the HBAR Foundation (the treasury manager of the Hedera chain) submitted a bidding plan to acquire TikTok’s US business. The core of the plan is Web3ization: Hedera's scalability will be used to support TikTok's NFT, creator payment, governance structure, and overall token incentive system. The goal is to distribute 80% of advertising revenue directly to creators and users.

In the end, due to various reasons, the intended bid was not finalized. Tim Stokely withdrew from the adult empire, but brought the core logic into Zoop and Hedera's TikTok bidding, which is equivalent to upgrading the "fans pay for content" model to the Web3 version.