Leonid Radvinsky is the 41-year-old owner of OnlyFans. Thanks to recently filed documents that everyone can snoop on, we now know that Radvinsky paid himself handsomely thanks to OnlyFans making whopping profits.
Radvinsky’s bank account was the happy recipient of US$338m (AU$521m) in dividend payments last year. This means that Radvinsky was plopping US$1.3m (AU$2m) per day into his personal pot. Which is nice work if you can get it.
As for OnlyFans itself, the company’s profits before the tax officer took a slice was US$525m (AU$810m). This figure has shot up 22% from OnlyFans’ 2022 filing.
For those who have been living under a rock, OnlyFans is an online subscription-based platform. Creators perform, and people watching pay for access. While it is mainly adult content on the site, there is some non-explicit content, including fitness tips, cooking tutorials, music performances and other weird stuff that you can go explore.
OnlyFans and an Ethereum purchase
Now that we have had a good perve through the company’s documents, we can also see that OnlyFans dropped a massive wad of money buying Ethereum last year.
Fenix International, the parent company of OnlyFans, officially disclosed to Companies House in the UK that OnlyFans sank nearly $US20m (AU$30m) into buying Ethereum in 2022.
However, the price of ETH has fallen since the purchase. This means the company wrote off an “impairment loss” to the tune of US$8.45m (AU$13m) at the end of the financial year. More or less, it seems OnlyFans used losses on Ethereum to lower its taxable income.
The Chainsaw reached out to OnlyFans and are yet to receive a comment on what it plans to do with that delicious bag of ETH.
This wasn’t OnlyFans’ first foray into digital assets. In February 2022 content creators on the platform had the option to use verified Ethereum Non-Fungible Tokens (NFTs) as their profile picture. Those creators who did this were granted an Ethereum symbol, which indicated their possession of the NFT.