In this week’s newsletter, read about the creator of a Mutant Ape Yacht Club (MAYC) knockoff pleading guilty to fraud charges, see how OpenSea non-fungible token (nft) users received a massive mailing campaign Phishing email and how bitcoin transaction fees changed ethereum network fees as the hype over Ordinals resurfaced. In other news, gaming distributor G2A has launched a gaming-focused nft marketplace.
Creator of fraudulent Mutant Ape NFTs pleads guilty to $3M fraud scheme
Aurelien Michel, the creator of the Mutant Ape Planet nft collection, which copies Yuga Labs’ popular MAYC collection, pleaded guilty to wire fraud in federal court in New York. Michel admitted to defrauding investors of $3 million and committing fraud.
The team behind the MAYC knockoff falsely promised rewards and benefits to their investors and intentionally failed to deliver on their promises. Instead, they diverted the profits and used them for personal gain. Michel admitted to the carpetbagging via social media and now faces a maximum sentence of five years in prison.
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OpenSea nft Users Report Massive Email Phishing Campaign
Users of the OpenSea nft marketplace have reportedly received emails containing malicious links from attackers impersonating OpenSea. Community members took to social media and reported receiving phishing attempts.
Meanwhile, OpenSea assured its users through a post on X (formerly Twitter) that there was no hack. However, one developer responded that while there may not be a vulnerability through the company’s smart contracts, the developer received a phishing email, suggesting that “development contacts have been exfiltrated from OpenSea.”
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bitcoin Transaction Fees Flip ethereum‘s as Ordinals Hype Returns
The average daily transaction fee for the bitcoin network surpassed ethereum as the market showed renewed appetite for bitcoin Ordinals, a tool for creating nft-like assets and BRC-20 tokens. On November 20, bitcoin‘s average daily rate reached $10.34, while ethereum stood at an average of $8.43.
Since October 24, the community has created over six million bitcoin Ordinals assets, leading to around $30 million in btc fees being redistributed to the network.
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Gaming distributor G2A opens gaming-focused nft marketplace
Digital game distributor G2A launched an nft marketplace focused on Web3 games. In a press release, the company highlighted that its goal is to expand its offering by diving into Web3.
According to Bartosz Skwarczek, CEO of G2A Capital Group, the company has followed the development of Web3 games since Cryptokitties. Skwarczek said players are familiar with blockchain games and many are already involved.
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SEE COINTELEGRAPH nft STYLE PODCAST
Thanks for reading this roundup of the week’s most notable developments in the nft space. Check back next Wednesday for more reports and information on this ever-evolving space.
