Yuga Labs Acquires PROOF Amid Controversy; Bitcoin Mining Poised for a Boost, and More NFT News
Summary:
Yuga Labs has successfully acquired NFT conglomerate, PROOF, adding the latter's collections to its existing portfolio. The deal has allegedly spiked the trade volume of Moonbirds, causing suspicions of insider trading. Deltec Bank faces accusations of aiding fraudulent activities by providing a covert credit line to Alameda Research. Blockware Solutions advises embracing the expected surge in Bitcoin mining hardware post the halving event. A Bored Ape-themed Cuban restaurant has been launched in Miami. Despite facing a lawsuit from FTX investors, Sullivan & Cromwell law firm stands accused of abetting FTX's alleged scam, while decentralized exchange, FixedFloat, suffers a silent heist of around $26 million.
In a seamless takeover, nonfungible token (NFT) titan, Yuga Labs, has successfully procured NFT heavyweight PROOF. However, the transactions preceding the official declaration have created suspicions. Before the official announcement on February 16, the daily trade volume of Moonbirds, belonging to PROOF, spiked significantly two days before, resulting in a substantial jump in collections floor price, according to DappRadar.
As part of the deal, PROOF's collections - Moonbirds, Oddities, Mythics and Grails - will be transferred to Yuga. Moreover, Kevin Rose, PROOF's founder and CEO, will assume an advisory role at Yuga Labs. Unsurprisingly, this deal has resulted in considerable profit for some traders who made significant purchases of PROOF-associated NFTs prior to the announcement.
With the inclusion of PROOF's collections, Yuga Labs will further diversify its renowned NFT suite that currently comprises its signature series Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, Mutant Ape Yacht Club and the forthcoming Otherside metaverse. But the performance of Moonbirds, a top NFT from its launch in April 2022, has dwindled recently, with its floor price taking a significant dip.
Amidst other developments, Bahamian-based Deltec Bank has come under the scanner over accusations related to Alameda Research. Investors have alleged that Deltec Bank had extended a "covert credit line" to Alameda Research. This credit line, according to the complainers, was used to buy Tether (USDT), aiding in illegal transference of customers' funds between the fraudulent exchange FTX and Alameda Research.
A speculative surge in Bitcoin (BTC) mining hardware price post the blockchain mining rewards halving in April has sparked a recommendation from Blockware Solutions for miners to "embrace the halving", pointing out that this was a winning strategy in the last market cycle.
In other exciting news, a Bored Ape Yacht Club holder has opened a Bored Ape-themed Cuban restaurant in Miami, while Yuga Labs has intriguingly suggested a real-life clubhouse in the city. On a different note, FTX investors have filed a lawsuit vs. Sullivan & Cromwell law firm, blaming it for aiding and profiting from FTX's alleged "multi-billion dollar fraud". Lastly, decentralized exchange FixedFloat has been robbed of around $26 million in Bitcoin and ETH but has maintained silence on how the heist transpired while the investigation is underway.
Published At
2/19/2024 8:46:19 AM
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