As part of the company's restructuring, Yuga Labs lays off some U.S.-based staff to focus on team core priorities, Web3 development, and Otherside strategy.
Sotheby's is caught in a legal storm as a group of investors files a class-action suit due to allegations of misleading and price manipulation of Bored Ape Yacht Club token sales.
MoonPay insists that it charged celebrity clients for promoting NFTs, but sources claimed otherwise, arguing that the startup gifted A-list stars Bored Ape NFTs to help boost its profile.
Yuga Labs settled with Thomas Lehman, whom it had accused of building websites and smart contracts for Ryder Ripps’ offshoot collection of 10,000 NFTs.
A total of 37 defendants were named in the suit, including famous celebrities like Serena Williams, Snoop Dogg, Steph Curry, DJ Khaled, Kevin Hart, Justin Beiber, Paris Hilton, and Madonna.
The U.S. securities regulator has yet to make a formal accusation against Yuga Labs for any wrongdoing as the investigations are still in the preliminary stages.
Elliptic’s research found that an NFT scam netted the scammers $300,000 on average over the past year, with Bored Apes and OpenSea featuring prominently.
According to a veteran law firm Scott+Scott, Yuga Labs lured unsuspecting investors to part away with hard-earned funds by using celebrity promoters “to inflate the price of the NFTs and tokens.”
Yuga Labs has sued Ryder Ripps, a self-proclaimed conceptual artist who has been selling copycats of BAYC NFTs, which he claims are for satirical purposes.
Despite all of the drama grabbing the headlines with regards to Ethereum and Solana during the last few days, BSV quietly processes transactions at scale for fees of fractions of a penny.
Digital assets security researcher Zachxbt revealed that 91 NFTs were stolen, and most of the funds from the stolen NFTs found their way to KuCoin and Binance.