This week, news of the creator of a knock-off of the Mutant Ape Yacht Club (MAYC) pleading guilty to fraud charges has been circulating, as well as OpenSea’s NFT users receiving a massive phishing email campaign. Additionally, the hype for Ordinals resurfaced as Bitcoin transaction fees overtook Ethereum network fees. To top it off, game distributor G2A has launched a gaming-focused NFT marketplace.
Crypto and NFTs
The crypto world has been abuzz with activity. Crypto.com token and Twitter accounts have been gaining traction, as have crypto hacks and wires. Today’s crypto news on Twitter has been all about crypto and NFTs, with many people seeking out the best crypto podcasts.
Creator of Mutant Ape ripoff NFTs pleads guilty to $3 million fraud scheme
Aurelien Michel, the mastermind behind the Mutant Ape Planet NFT collection, a clone of the popular MAYC collection from Yuga Labs, pleaded guilty to wire fraud in a New York federal court. Michel confessed to stealing $3 million from investors and carrying out a rug pull.
The team behind the MAYC replica falsely promised rewards and benefits to their investors and deliberately failed to fulfill those promises. Instead, they misappropriated the funds and used them for personal gain. Michel admitted to the rug pull via social media and now faces a maximum sentence of five years in prison.
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Crypto NFT Marketplace OpenSea Suffers from Phishing Campaign
Crypto users of NFT marketplace OpenSea have been victims of a massive email phishing campaign. Reports suggest that malicious links were sent to community members from attackers pretending to be OpenSea. Several users took to social media to express their concerns.
OpenSea responded to the attack on X (formerly Twitter), claiming that there was no hack. Yet, a developer noted that while the company’s smart contracts were not breached, they had received a phishing email, suggesting that “dev contacts have been exfiltrated from OpenSea.”
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Bitcoin transaction fees flip Ethereum’s as Ordinals hype returns
The crypto world has seen a surge in Bitcoin Ordinals, a tool for creating NFT-like assets and BRC-20 tokens, which has pushed the average daily fee for the Bitcoin network to $10.34, surpassing Ethereum’s $8.43.
Since Oct. 24, the crypto community has created over six million Bitcoin Ordinals assets, resulting in $30 million in BTC fees being redistributed to the network.
The crypto-sphere has been abuzz with crypto nft, crypto.com token, crypto twitter accounts, crypto on twitter, crypto.com nft, crypto hack, crypto wire, crypto today twitter, crypto and nft, best crypto podcast, which has further fueled the hype.
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Game distributor G2A opens gaming-focused NFT marketplace
Digital game distributor G2A recently unveiled a new NFT marketplace dedicated to Web3 games. In a press release, the company shared its plans to expand its offerings to include Web3.
According to G2A Capital Group CEO Bartosz Skwarczek, the company has been tracking the growth of Web3 gaming since the launch of Cryptokitties. Skwarczek said that many players are already familiar with blockchain gaming and are actively involved.
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Thanks for reading this digest of the week’s most noteworthy crypto and NFT news. Come back next Wednesday for more reports and insights into this rapidly evolving space.
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