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Yuga Labs co-founder prewarns possible attack, claims Twitter insider involved

Gordon Goner warned about a possible incoming attack after receiving “credible information” that an insider from Twitter would help bypass the security of the social media accounts.

Gordon Goner, the pseudonymous co-founder of Yuga Labs, issued a warning about a possible incoming attack on their social media accounts under the Yuga Labs umbrella after receiving “credible information” that an insider from Twitter would help bypass the security of the accounts.

Yuga Labs, home to some of the most popular nonfungible tokens (NFTs), including the Bored Ape Yacht Club (BAYC) and Otherside, proactively approached Twitter for security after receiving information about a soon-to-happen orchestrated attack on its social media accounts.

Soon after warning the community, Twitter officials began actively monitoring the activities on the accounts in addition to fortifying their existing security. While issuing the proactive warning, Goner informed investors that the company would never conduct surprise mints — a popular method attackers use to lure in victims.

The popularity and public demand of Yuga Labs’ NFT offerings resulted in the inadvertent rise of ape-themed scams. On June 5, attackers managed to breach into Yuga Labs’ BAYC an OtherSide Discord groups and made away with over 145 Ether (ETH).

An investigation by blockchain detective OKHotshot revealed that the attack was conducted by hacking into the Discord account of Boris Vagner, community and social manager at Yuga Labs.

Related: Optimism loses 20M tokens after L1 and L2 confusion exploited

Optimism layer-2 scaling solution suffered a loss of 20 million OP tokens after falling victim to an exploit in its market maker’s smart contract.

Out of the lot, one million tokens valued at about $1.3 million were sold off and one million tokens valued at about $730,000 were transferred to Vitalik Buterin’s Ethereum address on Optimism. The remaining 18 million tokens remain dormant and can be sold or used to sway governance decisions.

Lightchain Blasting Through Stage 8 Over the Christmas Holiday Before Price Increase

Here’s What’s Next for Solana (SOL), Avalanche (AVAX), Chainlink (LINK) and ApeCoin (APE) According to Top Crypto Analyst

Here’s What’s Next for Solana (SOL), Avalanche (AVAX), Chainlink (LINK) and ApeCoin (APE) According to Top Crypto Analyst

A closely followed crypto analyst is giving his outlook for Solana (SOL), Avalanche (AVAX), Chainlink (LINK) and ApeCoin (APE) amid the uncertainties in the crypto market. Pseudonymous crypto trader Altcoin Sherpa tells his 176,500 Twitter followers Solana is bound to recoup its all-time high, but in the short term, SOL could go up by 25% […]

The post Here’s What’s Next for Solana (SOL), Avalanche (AVAX), Chainlink (LINK) and ApeCoin (APE) According to Top Crypto Analyst appeared first on The Daily Hodl.

Lightchain Blasting Through Stage 8 Over the Christmas Holiday Before Price Increase

ApeCoin DAO officially favor to remain within Ethereum ecosystem

Following a six-day snapshot voting period, the final results narrowly reveal that 53.59% of ApeCoin participants advocate to remain on Ethereum for the mid-term future, with 7.1 million APE tokens cast in total.

ApeCoin DAO, a governance system serving the democratic rights of ApeCoin holders — a digital asset tied to the Bored Ape Yacht Club ecosystem — published an official proposal on May 2 to debate whether the asset should remain on Ethereum, transition to a layer-2 alternative, or perhaps explore the possibility of chain migration. 

The ApeCoin improvement proposal (AIP) titled "AIP-41: Keep ApeCoin within the Ethereum ecosystem," was authored by BAYC 2491, known as ASEC, and drew inspiration from a number of incidents, including the turbulent Otherdeed mint, and subsequent Yuga Labs reaction. 

The calamitous fallout of Yuga Labs’ Otherdeeds metaverse land sale intensely scrutinized the financial limitations of Ethereum’s gas fee mechanics, and prompted the leading members of the ApeCoin community to vocalize their concerns around ApeCoin’s fixed supply contract, and scalability potential. 

The overwhelming deflation of the gas wars, and lack of financial inclusion or integrity, was then further compounded by Yuga Labs’ poorly-calculated tweet insisting that “it seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale”, and that “we'd like to encourage the DAO to start thinking in this direction.” 

Despite the imploring suggestion from Yuga Labs, AIP-41 passionately advocated against the migration from Ethereum, stating that “such a decision is currently too complex and costly to make”, and potentially could damage their deep-rooted presence on the network with the largest volume and cultural adoption of NFTs. 

"We the ApeCoin DAO believe that, at least for the time being, ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum." 

The total votes of the proposal equated to 3.8 million for and 3.3 million against – a 53.59% split. This outcome is not entirely definitive, and can be further deliberated with the submission of new proposals within a three-month grace period.

Lightchain Blasting Through Stage 8 Over the Christmas Holiday Before Price Increase

Yuga Labs’ BAYC, OtherSide Discord groups breached, over 145 ETH stolen

According to OKHotshot’s investigations, the attack was conducted by hacking into the Discord account of Boris Vagner, community and social manager for Yuga Labs.

Yuga Labs, the creator of two of the most popular ape-themed nonfungible token (NFT) offerings — Bored Ape Yacht Club (BAYC) and OtherSide — witnessed yet another orchestrated phishing attack with investors losing over 145 Ether (ETH) or nearly $260,000 at the time of writing.

OKHotshot, a blockchain detective and a member of the Crypto Twitter community, alerted crypto investors about the compromise of two official Discord groups linked to BAYC and OtherSide NFTs.

According to OKHotshot’s investigations, the attack was conducted by hacking into the Discord account of Boris Vagner, community and social manager for Yuga Labs. 

After gaining unrestricted access to the employee’s account, scammers shared various phishing links from Vagner’s Discord account into the official BAYC, Mutant Ape Yacht Club (MAYC) and Otherside groups.

Discord message from hackers with phishing link. Source: OkHotshot

Many users in the Discord groups, unwary about the ongoing scam, fell for the phishing messages that promised limited-quantity giveaways made available for existing NFT holders — as evidenced by the above screenshot.

Concluding the investigation, OKHotshot revealed the wallets that held and transferred the recently compromised NFTs, making the second time BAYC fell victim to an attack in two weeks.

Yuga Labs has not yet responded to Cointelegraph’s request for comment.

Related: NFT owners reminded to be vigilant after 29 Moonbirds were stolen by clicking a bad link

On May 25, a Proof Collective member lost 29 high-valued Ethereum-based Moonbirds NFTs worth $1.5 million amid an ongoing scam.

While the total damage around this hack remains unclear, the recent crypto scams are a harsh wake-up call for NFT owners to exercise caution when dealing with third-party platforms, and to double-check anything shared by others, even if they appear trustworthy.

Lightchain Blasting Through Stage 8 Over the Christmas Holiday Before Price Increase

Apecoin Community Votes on Keeping APE Token in the Ethereum Ecosystem

Apecoin Community Votes on Keeping APE Token in the Ethereum EcosystemThe Apecoin community is in the midst of discussing whether or not the crypto asset should remain within the Ethereum ecosystem. While AIP-41 voting started today, the proposal’s voting process will end on June 8, 2022, at 9 p.m. (ET). Meanwhile, the project’s native token APE has lost 57% against the U.S. dollar in the […]

Lightchain Blasting Through Stage 8 Over the Christmas Holiday Before Price Increase

What is ApeCoin and how does it work?

APE token holders make collective governance decisions, casting votes and deciding on issues such as fund allocation, rule framing, partnerships, project selection, and more.

The first quarter of 2022 was abuzz with the talks about ApeCoin (APE), a cryptocurrency adopted to be the native coin of Bored Ape Yacht Club (BAYC), developed by Yuga Labs. Since the ApeCoin DAO came into being in April 2021, the BAYC has been among the top nonfungible token (NFT) collections with a vibrant community.

The BAYC collection showcases apes that seemingly look bored. Depending on your mood and choice, you can choose these apes down to the tiniest details. Investors across the world have put their money into these artworks and the buyers include the likes of Justin Bieber and Eminem.

As an ERC-20 governance and utility token of the APE ecosystem, ApeCoin is administered by a decentralized autonomous organization, or DAO. Anyone holding the coin is allowed to cast their vote on the relevant governance decisions.

Related: Types of DAOs and how to create a decentralized autonomous organization

The fact that APE is adopted by Yuga Labs gives it heft, as it also has CryptoPunks and Meebits, two other frontline NFT projects.

What is the APE ecosystem?

You might be interested in who is behind ApeCoin. The community holders of ApeCoin and various products/services using the cryptocurrency collectively make up the APE ecosystem. Yuga Labs, founded in 2021 and headquartered in Miami, Florida, is a prominent name in NFTs and digital collectibles.

Acclaimed as a creator of the Bored Ape Yacht Club, Yuga Labs serves as a community member in the ApeCoin DAO. They have adopted ApeCoin as their primary token in the projects they undertake. Let’s learn concise information about the NFT collections that are a part of the APE ecosystem.

The BAYC

Launched in April 2021, Bored Ape Yacht Club (BAYC) features 10,000 unique Apes residing on the Ethereum blockchain. Each of these unique digital collectibles features a different look, style and rarity. The collection showcases algorithmically generated profile pictures of cartoon apes.

Mutant Ape Yacht Club (MAYC)

As an NFT basket of up to 20,000 mutated versions of the BAYC Apes, the MAYC helps onboard new members to the Ape community. Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits.

Bored Ape Kennel Club (BAKC)

Launched at 6:00 pm EST on June 25, 2021, the Bored Ape Kennel Club (BAKC) is an assortment of dog NFTs made available to every single member of the BAYC. Holders of each Bored Ape NFT can adopt a random Club Dog NFT, while just paying for gas. BAKC NFTs also have their own rarities.

Otherside metaverse

At the end of April 2022, Yuga Labs began minting Otherside metaverse lands. Within 45 minutes, the virtual real estate clocked the value of $100,000 and raised a total of $320 million, making BAYC the NFT garnering the maximum sales.

How does APE work?

APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more. The ApeCoin Foundation implements the governance decisions taken by the community.

As the legal representative of the DAO, the ApeCoin Foundation facilitates the growth of the ecosystem. The Foundation has a special body called the Board that executes the community’s visions. The APE Board comprises five members from the technology and crypto community. ApeCoin holders vote for the new Board members annually.

Related: The impact and rise of DAOs in the legal industry

What will ApeCoin be used for?

As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services.

Designed identically to any other Web3 coin, ApeCoin can be used for payments. ApeCoin is technically acceptable by most merchants because it is a pervasive ERC-20 token. The coin is also already in use as NFT rewards, and holders with the BAYC receive free APE that they can immediately cash.

Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is adopted as an incentive for players. They will be able to earn special tokens when playing and swap these tokens for ApeCoin.

With ApeCoin set to be integrated with the upcoming metaverse Otherside, which could make it a high-in-demand metaverse coin this year. This will make ApeCoin a transaction token on metaverse marketplaces. If the Metaverse incorporates P2E elements, it might also be used for rewarding players.

ApeCoin tokenomics

ApeCoin has a total supply of 1 billion tokens. The contract interface disallows the minting of any more tokens, thus instilling a cap. There is no burning mechanism as well, so the supply won’t go down. The distribution of the available tokens is as follows:

62% of the tokens are allocated to the ApeCoin DAO community. Between it, 15% finds its way to holders of BAYC and MAYC. Holders of BAYC can claim 10,094 APE for each NFT they own, while MAYC holders are entitled to 2,042 APE. The remaining part will be released as a component of the DAO’s ecosystem fund.

16% of the tokens will flow to Yuga Labs. A part of this allocation will go toward the primatologist Jane Goodall’s charity foundation. 14% of the tokens are for the people who contributed to the launch of the ApeCoin protocol.

8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings. ApeCoin allocations to them aren’t unlocked for at least 12 months. After this duration, a specific allotment of tokens becomes accessible to them on a monthly basis.

How to buy ApeCoin?

You can buy ApeCoin on a crypto exchange, generally through a three-step process:

  • Sign up: On the sign-up page, put in your email address, contact number and a user name. The system will verify your email ID and prompt you to enter a strong password.
  • Complete KYC: Most regulatory domains require the users to complete the Know Your Customer (KYC) process. You will need to upload your ID and other required documents, and your account will get going in a few minutes.
  • Buy ApeCoin: You can now deposit your fiat and buy as many ApeCoin as you want.

Is ApeCoin a good investment?

The fact that ApeCoin has been issued by a dynamic online community like the Bored Ape Yacht Club has given it streams of takers right from the start. Aficionados of arts, culture, gaming and entertainment are more likely to use the cryptocurrency. Metaverse land sales will also boost the coin.

There are several reasons to purchase ApeCoin such as using APE as a payment option, NFT rewards and to access exclusive features in the APE ecosystem provides the buyers several reasons to purchase it. All these factors notwithstanding, the coin is intrinsically associated with NFT-related volatility, which you need to be careful about.

The way ahead

At a time when NFTs are still storming the crypto arena, ApeCoin has managed to steal the limelight since its appearance. The token creators have used several incentives to promote its utility such as allowing the third-party developers to integrate the cryptocurrency into their projects and setting up an ecosystem fund to support the projects using the coin.

With use cases spanning from decentralized payments to land sales on metaverse, the company has a range of supportive components in place. As the APE ecosystem grows, ApeCoin earns more value than can be realistically expected.

Lightchain Blasting Through Stage 8 Over the Christmas Holiday Before Price Increase