yuga

Yuga Labs CEO Michael Figge posted on the X platform that his team has just completed a white hat operation on a vulnerability found in the Flooring Protocol. The following assets are now safely held by Yuga Labs: 29 Bored Apes, 4 Mutant Apes, 1 BAKC, 2 CryptoPunks, 1 Azuki, 2 Elementals; 26 Captains, 1 Moonbird, 2 Doodles.Team Vice President @0xQuit recovered these assets, and @coffeedev discovered that the same vulnerability posed a greater risk to other Flooring collectible series (such as BAYC and CryptoPunks). Figge instructed GrailsOTC trading desk to advance funds and NFTs to rescue the at-risk assets from the protocol. The team will work with the protocol developers to return the assets.

Yuga Labs CEO Michael Figge posted on the X platform that the team will make some adjustments to ApeCoin. Yuga Labs and ApeCo previously adopted a parallel coordination model due to unclear regulations, resulting in lower efficiency.As the regulatory environment changes, the team has decided to simplify the structure and eliminate the independent ApeCo leader role. ApeCo leader Cam will depart, and the core technology and BD teams of ApeChain will work directly with Yuga Labs, while other members will also leave, with the transition to be completed by June 5.

According to The Block, Yuga Labs announced a management adjustment, with co-founder and CEO Greg Solano transitioning to the role of chairman of the board, and current Chief Product Officer Michael Figge taking over as CEO; Figge joined the company in 2021 and began his duties a few weeks ago. This adjustment comes as the company continues to advance its metaverse project, Otherside.

The leading NFT project "Bored Ape" BAYC co-founder Garga.eth announced on the X platform that Yuga Labs has acquired the Improbable Unreal Engine creation platform and reached a permanent licensing agreement with Improbable for Otherside's high concurrency technology. Additionally, relevant engineers and developers from the platform will join Yuga Labs, with the specific acquisition amount not disclosed. It is reported that this acquisition will enable builders, developers, and artists on the Otherside platform to better construct community experiences using metaverse technology software and tools.

According to ChainCatcher news reported by Decrypt, Yuga Labs announced that the core social hub of its Bored Ape Yacht Club-themed metaverse project, Otherside, will officially open on November 12.The opening of the hub and social center is just the first layer of the three-tier architecture of this world. Next is the game layer, which will include numerous quests and battles created by developers and independent creators; there will also be the Otherside Development Kit (ODK), a toolkit for building and publishing works within the game world. In addition, Yuga Labs revealed that Otherside will be featured on the Amazon Games homepage, promoting its metaverse brand to millions of Amazon users.The company will collaborate with Amazon to launch an exclusive co-branded Voyager character named "Boximus," which can explore the Otherside metaverse. Related merchandise will be available for sale in the Otherside brand store starting Thursday. Yuga has also partnered with artist Daniel Arsham to release a limited edition collection of 300 pieces in the Voyager series, which combines exquisite artwork with interactive digital collectibles that can evolve over time.

ChainCatcher news, the NFT series Bored Ape Yacht Club announced on social media that its parent company Yuga Labs has established a joint venture called Bored Ape Studios with "Brother Meng" Huang Licheng's Six Studios, with the first project being the animated series "Bored Ape Yacht Club."

ChainCatcher news, according to The Verge, Yuga Labs announced that the metaverse Otherside will launch on November 12.Otherside was planned for release in 2022, aiming to create an "interoperable," "gamified," and "decentralized" virtual world, but the Alpha version was not released until earlier this year. It is reported that Otherside is similar to Roblox or Fortnite, and will support logging in with a crypto wallet, with in-game avatars being 3D representations of the NFTs owned by players.

ChainCatcher news, according to Cointelegraph, a U.S. judge has dismissed a lawsuit by investors against the Web3 company Yuga Labs, ruling that the case failed to prove that NFTs meet the legal definition of securities.Judge Fernando M. Olguin ruled that the plaintiffs did not demonstrate how the Bored Ape Yacht Club (BAYC), ApeCoin, or other NFTs sold by Yuga met the three criteria of the Howey test. The Howey test is the standard used by the U.S. SEC to determine whether a transaction constitutes an investment contract. The lawsuit was originally filed in 2022. Olguin stated that Yuga Labs marketed its NFTs as digital collectibles and provided membership benefits to an exclusive club, making them consumer goods rather than investment contracts. "The defendants promised that NFTs would yield future rather than immediate consumer benefits, but this does not transform those benefits from a consumer nature to an investment nature."

ChainCatcher news, Yuga Labs co-founder Garga.eth posted on social media, "The Ethereum ecosystem meme coin APESTR launched today by TokenWorks. I am excited about this launch, but it is very important to read and understand the associated fees. Significant volatility is expected. Yuga will waive our royalties on APESTR so that we can use our portion of the fees to buy back BAYC (Bored Ape Yacht Club)."

ChainCatcher news, according to social media posts, billionaire Adam Weitsman is making a long-term investment in Otherside, having directly acquired over 5,000 Otherdeeds, Mega Kodas, and Weapon Kodas from Yuga Labs to further enrich his collection. I also commit to a series of acquisitions in the public market this year. I will do my utmost to help Othersidemeta succeed.Adam Weitsman is an American entrepreneur, investor, and philanthropist, currently serving as the CEO of Upstate Shredding -- Weitsman Recycling, which is one of the largest privately-owned scrap metal processing companies on the East Coast of the United States, processing over 1 million tons of steel and 25 million pounds of non-ferrous metals annually. In 2021, he founded Viridium LLC to enter the cryptocurrency mining sector.

ChainCatcher news, according to TheBlock, the Ninth Circuit Court of Appeals has made a mixed ruling in the long-standing case between Bored Ape founder Yuga Labs and artist Ryder Ripps, who previously intentionally sold copies of NFTs as "expressive appropriation art."The court ruled that NFTs are "goods" eligible for trademark protection and dismissed many of Ripps' legal arguments, but overturned the previous $8 million judgment against Ripps and remanded the case to the lower court for further proceedings, requiring the lower court to reconsider whether RR/BAYC caused consumer confusion. The case began in June 2022, when Yuga Labs accused Ripps of damaging its brand value by issuing the RR/BAYC series of NFTs. The court rejected Ripps' defenses regarding "expressive art" and First Amendment protections, but found that further evidence was needed to prove the likelihood of consumer confusion.

ChainCatcher news, Yuga Labs co-founder Greg Solano tweeted that the world is not ready to embrace NFT treasury companies, but they are already on their way.The market interprets this move as possibly drawing inspiration from publicly listed companies' strategy of hoarding tokens to establish NFT treasury companies.

ChainCatcher news, the blockchain game development studio Orange Cap Games announced today the successful completion of a $3.5 million seed round financing.This round of financing was co-led by crypto investment firms 1kx and Yuga Labs, with participation from venture capital firms such as Bing Ventures and Infinity Ventures Crypto, as well as support from several angel investors.Orange Cap Games stated that the new funds will focus on the development of its two core products: the collectible card game Vibes TCG and the ecosystem development of the NFT project Moonbirds.

ChainCatcher news, according to Decrypt, Bored Ape Yacht Club creator Yuga Labs CEO Greg Solano has proposed to abolish the Ape Coin DAO, planning to transfer its assets and responsibilities to a newly established entity, Ape Co, terminating all governance rights of APE holders.Solano criticized the inefficiency of the DAO and the waste of resources, stating, "It needs to stop." If the proposal passes, the DAO will be completely dissolved, all unexecuted proposals will be nullified, and Ape Co will lead the development of the Ape Chain, BAYC, and Otherside projects.

ChainCatcher news, according to Businesswire, The Infinite Node Foundation (NODE) announced the acquisition of all intellectual property rights of CryptoPunks from Yuga Labs.As a nonprofit organization dedicated to the protection of digital art, NODE plans to maintain CryptoPunks through three main pillars: protection, community, and expansion.

ChainCatcher news, according to official sources, the ApeCoin Foundation has announced the appointment of Yuga Labs Chief Business Officer Cameron Kates as its Executive Director and Chief Executive Officer.

ChainCatcher news, according to The Block, the SEC has concluded its investigation into Yuga Labs. Yuga Labs posted on the X platform: "After three years, the SEC has officially concluded its investigation into us, which is a significant victory for NFTs and the entire creator ecosystem."Recently, the SEC has dropped investigations into companies such as Robinhood, Gemini, UniSwap Labs, MetaMask, and OpenSea, and reached settlements with Coinbase and Kraken. Meanwhile, the SEC is still in litigation with Ripple and is seeking to resolve allegations against TRON founder Justin Sun.

ChainCatcher message, Yuga Labs co-founder Greg Solano tweeted that someone used a flash loan to fake a bid in the Punks market.Previously, CryptoPunks Bot tweeted that the new bid for Punk 5822 is 8,888 ETH ($19,587,819.67), made by 0xe62ae5.

ChainCatcher news, according to The Block, NFT brand Yuga Labs announced on February 14 that it will sell the Meebits NFT series and its related intellectual property to the newly established Meebit Company (MeebCo).MeebCo plans to expand the Meebits series content, enhance community engagement, and launch new merchandise. Meebits has introduced a trading rewards program called Bits, and the royalties generated on the OpenSea platform will be distributed between the MeebCo team and project development.Yuga Labs stated that it will focus on the development of the Bored Ape Yacht Club NFT brand and the Otherside metaverse project, but Meebits will still maintain an important position within Otherside.