Yuga Labs co-founder Greg Solano says the company behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) is trimming down its workforce. In a message to employees shared on the social media platform X, Solano says Yuga Labs will have to lay off some of its employees amid plans to make changes in the […]
The post Yuga Labs Co-Founder Says Company ‘Lost Its Way,’ Announces Layoffs in Bid To Create New Cryptonative Team appeared first on The Daily Hodl.
Yuga Labs, the team behind Bored Ape Yacht Club, is restructuring to focus its efforts on building the 'Otherside' metaverse.
The post Yuga Labs announces restructuring in push towards ‘Otherside’ metaverse development appeared first on Crypto Briefing.
CoinGecko cited Magic Eden’s new Diamond reward program and its ongoing commitment to support creator royalties as the main catalysts.
Magic Eden, a Solana-based nonfungible token (NFT) marketplace, recorded its largest monthly trading volume in March, surpassing industry leader Blur.
Its NFT trading volume spiked 194.4% in March to $756.5 million, while Blur marginally increased to $530.4 million, according to CoinGecko’s Q1 2024 report, published on April 17.
CoinGecko said Magic Eden’s rise up the ranks was partly contributed by its new Diamond reward program and its continued partnership with Yuga Labs — at a time when the NFT studio cut ties with NFT marketplaces that weren’t supporting creator royalties.
Friday saw Yuga Labs, known for creating the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) series, unveiled its acquisition of Proof, a notable NFT startup behind the Moonbirds collection. Kevin Rose, founder of Proof, will assume an advisory role within Yuga, and the startup’s team plans to integrate into the Yuga framework. Moonbirds NFT […]
One of the top memecoins in recent years is rallying after the announcement of a new free-to-play blockchain game. ApeCoin (APE), a memecoin associated with the Bored Ape Yacht Club non-fungible token (NFT) collection, APE hit a high of $1.67 and a low of $1.44 on January 17th – a difference of approximately 16%. APE […]
The post Ethereum-Based Altcoin Leaps 15%+ in Hours After Announcement of a Free-To-Play Game for the Ecosystem appeared first on The Daily Hodl.
Wylie Aronow said he’s been seeing a number of tweets this week asking when he’s planning to return to the helm at Yuga Labs.
Nonfungible token (NFT) entrepreneur Wylie Aronow has confirmed he isn’t ready to return to Yuga Labs, the NFT firm he co-founded, despite making “steady progress” with his health.
“I’m not ready to come back to even part-time work. I have to ensure I’m around for a long time, for those who need me,” Aronow said on Dec. 11 in addressing rumors of a potential return.
Aronow explained that some days he’s ready to throw himself into the “deep end,” while on other days he feels he needs to be “wheel-chaired” to an emergency room.
The French developer of the Mutant Ape Planet NFT collection faces up to five years in prison after pleading guilty to wire fraud charges.
The creator of the Mutant Ape Planet nonfungible token (NFT) collection — a knock-off of Yuga Labs’ Mutant Ape Yacht Club project — has pleaded guilty to conspiracy to commit wire fraud in a New York federal court.
In a Nov. 14 statement, the U.S. Attorney’s Office for the Eastern District of New York said French national Aurelien Michel pleaded guilty to executing a “rug pull” and admitted to defrauding investors out of $3 million in connection with the fraudulent Mutant Ape Planet NFTs.
Nonfungible Token (NFT) Developer Pleads Guilty to an International Scheme to Defraud NFT Purchasers
— US Attorney EDNY (@EDNYnews) November 14, 2023
Aurelien Michel Conspired to Steal From Purchasers of “Mutant Ape Planet” NFTs Through False Promises and Misrepresentations@HSINewYork @IRSCI_NY https://t.co/K3CzIb8dQD
According to Department of Justice (DOJ) prosecutors, Michel and his co-conspirators marketed the NFTs to investors by falsely promising them rewards and benefits designed to increase the demand for the collection.
Prosecutors said Michel and his associates “intentionally failed to deliver on these promises, diverting millions of dollars’ worth of proceeds for their personal benefit.”
“While Michel purported to sell dream NFTs backed with rewards and benefits, he defrauded investors, turning their dream into a nightmare of deception and losses,” said Thomas M. Fattorusso, special agent in charge of IRS criminal investigation in New York.
“There is no excusing this kind of greed, and today’s guilty plea brings Michel one step closer to realizing his own nightmare — behind bars.”
Michel was arrested in New York on Jan. 4, 2023, on charges related to the scheme. The DOJ said on Jan. 5 that Michel admitted to the NFT collection’s community via a social media chat that he perpetrated a rug pull and said “we never intended to rug but the community went way too toxic.”
Upon sentencing, Michel faces a maximum sentence of five years in prison and has agreed to pay $1.4 million in restitution.
Related: Cryptoqueen’s OneCoin legal chief pleads guilty to fraud
The Mutant Ape Planet collection — which has since been removed from the NFT platform OpenSea — once consisted of 6,797 NFTs minted on the Ethereum blockchain.
In February 2022, it boasted more than 320 Ether (ETH) in sales volume, which dropped significantly by April 2022, two months later.
By January 2023, around the time of Michel’s arrest, the average price and total sales volume of the collection had cratered to near zero.
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The Bored Ape Yacht Club’s official Twitter account said an investigation confirmed suspicions that UV lights were the likely cause of the reported eye and skin issues suffered by some attendees.
Ultraviolet (UV) lights were the likely culptit behind the reported vision loss, eye pain and skin issues for at least 15 attendees of Yuga Labs’ ApeFest event in Hong Kong last week, the nonfungible token (NFT) conglomerate has confirmed.
On Nov. 5, attendees began reporting eye and skin-related issues after attending ApeFest the day before — which was a free event for Bored and Mutant Ape Yacht Club owners held in Hong Kong.
In a Nov. 9 X (Twitter) post, Yuga’s Bored Ape Yacht Club (BAYC) account confirmed that “UV-A emitting lights installed in one corner of the event was likely the cause of the reported issues.”
The BAYC said the determination came following a joint investigation with Jack Morton Worldwide, the agency that produced ApeFest, which conducted on-site inspections, testing, interviewed the events contractors and looked at equipment logs and specification sheets.
On Sunday, November 5, Yuga Labs began to receive reports that some ApeFest attendees and staff experienced eye pain, vision issues, or skin irritation following the Saturday night community event. These reports were - and continue to be - deeply concerning to us. We immediately…
— Bored Ape Yacht Club (@BoredApeYC) November 9, 2023
UVA is a UV wavelength range accounting for around 95% of the UV radiation that reaches the Earth’s surface, according to the World Health Organization. The United States National Eye Institute says UV light exposure can potentially increase the risk of eye problems.
UVA lights, better known as blacklights, are used for different purposes depending on their wavelength. UVA lights with lower wavelengths are typically used for suntanning beds, while lights with wavelengths closer to the visible light spectrum are used for special effect lighting such as in nightclubs.
The BAYC did not disclose specific details about the kind of UVA lights used at ApeFest.
Related: BAYC creator Yuga Labs completes restructuring to focus on metaverse
The NFT project said it encourages those with symptoms to seek medical help and notify of their exposure to UVA lights.
It also requested those impacted to message them on X, though some commenters on the post noted that DMs on Twitter have been switched off.
“We are saddened that this incident has detracted from the experience of ApeFest attendees,” the project wrote. “We are committed to supporting the recovery of anyone affected.”
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Several attendees of Yuga Labs’ ApeFest event in Hong Kong reported eye pain and vision loss, claiming they were exposed to improper lighting.
Attendees of a Yuga Labs’ ApeFest event on Nov. 4 in Hong Kong have reported burns, damaged vision and “extreme pain” in their eyes, which they attribute to the use of improper lighting.
“Woke up in the middle of the night after ApeFest with so much pain in my eyes that I had to go to the hospital,” wrote one attendee, CryptoJune, in a Nov. 5 X (Twitter) post.
Woke up in the middle of the night after Apefest with so much pain in my eyes that I had to go to the hospital. I've seen several tweets about it
— Crypto June (@CryptoJune777) November 5, 2023
Doctor told me it was due to the UV from stage lights. I go to festivals often but have never experienced this
I try to understand…
“Doctor told me it was due to the UV from stage lights," they added. "I go to festivals often but have never experienced this. I try to understand how it could happen… it seems like the lamps [were] not safe."
One attendee noted many of those reporting eye problems were those “up close” to the lighting display on the event's main stage.
Another ApeFest guest, who goes by the pseudonym Feld on X, described identical symptoms.
“Anyone else’s eyes burning from last night? Woke up at 3am with extreme pain and ended up in the ER.”
Of the hundreds of ApeFest attendees, at least 15 reports of vision damage have appeared on social media, suggesting the concerns were limited to guests who were in close proximity to the stage lighting.
Posting that in hope that my friends suffering the same issue realise they need medical attention ASAP (read full)
— Adrian Zduńczyk, CMT (@crypto_birb) November 5, 2023
Thanks for great apefest logistiscs guys @yugalabs & @BoredApeYC. Incredible event and met plenty of amazing people.
Still, as dozens of others, I’ve almost lost… pic.twitter.com/emCODEnWmb
Yuga Labs but did not immediately respond to a request for comment.
Hong Kong partygoers have experienced medical issues following exposure to improper UV lighting at an event before.
Related: Ryder Ripps ordered to pay Yuga Labs $1.6M in copyright lawsuit
On Oct. 20, 2017 a number of attendees at a party thrown by streetwear brand HypeBeast reported painful burns and eye damage.
It was revealed by the events’ DJ on Oct. 26 that the contractor tasked with setting up lighting at the party had used a series of Philips TUV 30W G30 T8 light bulbs — which according to Philip’s website — emit 12 watts of UV-C radiation, mainly used for disinfecting surfaces.
The reports of vision damage in both cases line up with a condition called photokeratitis, also known as “Welder’s eye.” The condition is caused by prolonged exposure to extreme levels of UV radiation, typically from artificial sources such as welding lamps but can also come from natural sunlight reflecting off bright surfaces such as snow, more commonly known as snow blindness.
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