In this week’s newsletter, learn how the creator of the Mutant Ape Yacht Club (MAYC) counterfeit admits to fraud charges, learn how users of OpenSea’s non-fungible token (NFT) were targeted by a massive phishing email campaign, and learn about Bitcoin transactions How Fees Flip Ethereum Network Fees as Ordinals Hype Resurfaces. In other news, game publisher G2A has launched a gaming-focused NFT marketplace.
Creator of Mutant Ape pirated NFT pleads guilty to $3 million fraud scheme
Aurelien Michel, the creator of the Mutant Ape Planet NFT series that copied Yuga Labs’ popular MAYC series, pleaded guilty in New York federal court to wire fraud. Michelle pleaded guilty to defrauding investors of $3 million and engaging in rug-pulling activities.
The team behind the MAYC copycat falsely promised investors rewards and benefits and deliberately failed to deliver on their promises. Instead, they misappropriated the proceeds and used them for personal gain. Michelle now faces up to five years in prison after admitting to pulling the rug through social media.
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OpenSea NFT users report massive email phishing campaign
Users of NFT marketplace OpenSea reportedly received emails containing malicious links from attackers impersonating OpenSea. Community members reported on social media that they received phishing attempts.
Meanwhile, OpenSea assured users through a post on X (formerly Twitter) that it had not been hacked. However, a developer responded that while the company’s smart contracts may not be vulnerable, the developer received a phishing email suggesting that “the developer contact has been leaked from OpenSea.”
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Ordinals Hype Returns, Bitcoin Transaction Fees Flip Ethereum
The average daily transaction fee on the Bitcoin network surpassed that of Ethereum as the market showed renewed interest in Bitcoin Ordinals, a tool for creating NFT-like assets and BRC-20 tokens. On November 20, the average daily fee for Bitcoin reached $10.34, while the average daily fee for Ethereum was $8.43.
Since October 24, the community has created more than 6 million Bitcoin Ordinals assets, which has resulted in approximately $30 million in BTC fees being reallocated to the network.
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Game publisher G2A launches game-focused NFT marketplace
Digital game publisher G2A has launched an NFT market focused on Web3 games. The company emphasized in a press release that it aims to expand its offerings by moving into Web3.
G2A Capital Group CEO Bartosz Skwarczek said the company has been paying attention to the development of Web3 games since Cryptokitties. Skwarczek said players are familiar with blockchain games and many are already involved.
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Thanks for reading this week’s summary of the most notable developments in the NFT space. Come back next Wednesday for more reports and insights into this actively growing area.
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