MAYC Imitation Creator Guilty of Fraud, OpenSea Phishing Scare, Bitcoin Fees Overtake Ethereum, G2A Launches NFT Marketplace
Summary:
This week's news consists of Aurelien Michel, creator of the imitation MAYC NFT collection, confessing to a $3m fraud scheme. There's a report of a phishing attempt on OpenSea's NFT platform users. Bitcoin transaction costs have outpaced Ethereum due to a renewed interest in Bitcoin Ordinals. Also, G2A, the game distributor has launched a gaming-focused NFT marketplace.
This week's digest brings a confession by the founder of an imitation Mutant Ape Yacht Club (MAYC) who was involved in fraud, a huge email phishing incident faced by OpenSea's non-fungible token (NFT) patrons, and a resurgence in the popularity of Bitcoin transaction costs surpassing Ethereum network costs due to the renewed interest in Ordinals. The news update also includes G2A, the game dealer, setting up a gaming-centric NFT marketplace.
The originator of an NFT selection echoing the popular MAYC offering, named the Mutant Ape Planet, Aurelien Michel, admitted to wire fraud in a federal court in New York. Michel acknowledged dishonestly extracting $3 million from investors and performed a scheme known as a rug pull. Instead of rewarding their investors as promised, the team behind the imitation MAYC applied the profits for their personal use. Michel publicly conceded to the rug pull and now may face up to five years of imprisonment.
The users of the NFT platform OpenSea have allegedly started to get emails holding harmful links from phony OpenSea accounts. There were several reports of such phishing attempts on social media. OpenSea, however, assured its customers through a post on X (formerly Twitter) that its platform was not hacked. A developer, though, reported receiving a phishing email, indicating a possible data breach from OpenSea.
The daily average fee for Bitcoin transactions has exceeded Ethereum's due to the revived enthusiasm for Bitcoin Ordinals, a method for creating NFT-like resources and BRC-20 tokens. As of November 20, Bitcoin’s daily average fee was $10.34, while Ethereum was averaging $8.43. Starting on October 24, the community has produced more than six million Bitcoin Ordinals assets, resulting in approximately $30 million in BTC fees being redistributed to the network.
The digital game distributor G2A has opened an NFT marketplace concentrated on Web3 games. According to the company's press release, G2A aims to broaden its offerings via Web3. Bartosz Skwarczek, CEO of G2A Capital Group, stated that they've tracked the evolution of Web3 gaming since Cryptokitties. He noted that numerous players are familiar with and involved in blockchain gaming.
Thanks for staying updated with this week's noteworthy events in the NFT realm. Please return next Wednesday for further trends and disclosures in this rapidly advancing space.
Published At
11/22/2023 8:00:00 PM
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