Based on information from blockchain intelligence firms Arkham Intelligence and Breadcrumbs, Yuga Labs, the company behind the popular NFT collection Bored Ape Yacht Club (BAYC), has reportedly been transferring royalties to a wallet linked to FTX US. This wallet, with the address 0xAAe7aC476b117bcCAfE2f05F582906be44bc8FF1, is now associated with the bankrupt cryptocurrency exchange, FTX US. Over the past two months, Yuga Labs have sent over $250,000 in assets to this wallet during FTX US’s ongoing bankruptcy proceedings following its collapse in November 2022.
Creator payouts refer to a portion of the revenue from NFT sales that goes back to the original makers. Initially, Yuga Labs mandated this practice across platforms dealing with their NFTs. However, more recently, they have made such transactions optional due to disagreements among various NFT marketplaces regarding royalty policies.
Yuga Labs Silent on FTX Fund Recovery
The outcome for Yuga Labs regarding their persistent transfers in the context of FTX’s bankruptcy is uncertain. Some legal experts suggest that Yuga Labs may encounter obstacles when making claims due to these ongoing deposits into FTX wallets managed by US authorities. Given that FTX US is linked to the legal issues surrounding its former CEO Sam Bankman-Fried, as well as the ongoing bankruptcy proceedings, this situation adds complexity.
Yuga Labs has been silent about the handling and restoration of the funds involved in their ongoing legal disputes, leaving the public in the dark. The blockchain community and investors are keeping a close eye on this situation, as it could significantly impact Yuga Labs’ financial plans and standing within the NFT market.
Bored Ape NFTs Hold Strong Market Value
During this time, the worth of Bored Ape Yacht Club NFTs on the market is robust, with a minimum price tag of $38,984 and an overall market value nearing $390 million. Despite ongoing controversy surrounding BAYC, active trading continues, resulting in a 24-hour volume of 698.15 ETH. The strong market demand for this collection underscores its resilience amidst market volatility.
Simultaneously, the legal saga surrounding FTX US continued as Sam Bankman-Fried, its former CEO, challenged his 25-year prison term handed down on March 28, 2024. Convicted on multiple fraud and conspiracy charges, this event marks a pivotal moment in the history of cryptocurrency law enforcement.
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2024-04-12 22:08