Nouns DAO Loses $150,000 After UK Butter CEO's Failed Baked Beans Project
Nouns DAO, an internet collective built around a popular NFT series, has learned its $150,000 investment in a branded baked beans project has yielded no results after three years. The funds, worth 135 ETH when approved in July 2022, were allocated to a project called MOOØNBEANS that planned to produce premium canned beans.
The project was proposed by Chris Mair, who presented himself as CEO of Sublime Butter, a UK-based artisan butter company he founded in 2017. Mair claimed the beans project would be simple to execute since his company was already working on it.
In his original pitch, Mair noted the size of the UK baked beans market, stating British consumers go through two million tins daily. He argued the market was ready for change due to its plain, common products.
Tony Ho, a Sublime Butter director, told The Block the company never agreed to be involved with MOOØNBEANS. "The company manufactures butter, it doesn't manufacture baked beans," Ho stated. He added that Mair was removed as a director in July 2023 due to what he described as "erratic behavior."
Ho has filed a police report against Mair, claiming he "fraudulently used" Sublime's branding to secure the DAO's funding. According to Ho, the money went directly to Mair's wallet and never reached the company's accounts.
The project has faced several issues:
- No cans were ever produced
- No packaging was completed
- No recipe was finalized
Mair responded to allegations in a Nouns forum post Wednesday, stating he's experienced personal problems including "the breakdown of my marriage, friendships, business relationships and my sanity." He denied fraudulently using the company and claimed other directors knew about the project.
This case illustrates the vulnerability of DAOs when funding projects. Contributors intentionally seek DAO funding for vague projects with minimal accountability. They first build trust within communities before proposing ideas that sound appealing but lack clear deliverables - similar to how MOOØNBEANS presented an exciting concept without concrete production plans.
Recently, Arbitrum DAO introduced a proposal to reclaim all unused funds from its Gaming Catalyst Program after management problems. The proposal authors cited transparency issues, noting the program sought to increase contributor compensation while reducing reporting requirements.
Mair has expressed interest in restarting the MOOØNBEANS project or finding a way to repay the investment. However, Ho doubts investors will recover their funds, stating, "my hunch and my suspicion is that those people who invested aren't going to get their money back because he's got no money to give them."
