This sounds plausible if you don't know how perceptual hashing works:
Look at https://www.microsoft.com/en-us/photodna and https://openbase.com/python/ImageHash/documentation
However, the system described in the article is open to the public, and simultaneously privacy/anonymity oriented. I see this as a double-edged sword. While it does protect the identity of legitimate users, that also opens it up to nefarious actors flooding the system with images/videos taken from legitimate content creators on OnlyFans other sites, potentially getting those creators' content flagged/removed. Even if this simply triggers a manual review, you could feasibly spam the system with so many that it grinds to a halt.
Edit: here's a source https://www.anishathalye.com/2021/12/20/inverting-photodna/
This sounds impressive if you don't know how file hashing works. If a malicious actor wants to get around this, all they would have to do is change a single pixel and/or re-export as a different format.