The U.S. Securities and Exchange Commission is probing the creators of the Bored Ape Yacht Club over allegations related to unregistered token sales.

In Brief

The SEC has initiated an investigation into Yuga Labs' business practices.

ApeCoin goes down by 8.18%

The profile picture of the Twitter account for Otherside has been removed without explanation.

Yuga Labs, the company that brought you the Bored Ape Yacht Club, is currently facing issues with the SEC related to allegations of selling unregistered digital assets.

The SEC is delving into whether some non-fungible tokens might be classified similarly to stock offerings, determining if Yuga Labs' tokens should comply with securities regulations. Reports suggest the SEC is actively reviewing the NFT landscape. Moreover, the SEC is also exploring how BAYC's native token, $APE, is being distributed. Since the news broke on October 11, ApeCoin has seen a decline of 8.18%, now trading at around $4.70. since March this year.

Following this news, on October 12, the official Twitter account for Yuga Labs' Otherside was reportedly breached, though it appears the hackers did not provide any links typical of NFT project hacks. Instead, they deleted the profile and cover images.

twitter account. It’s unfortunate that I need to mention this, but please refrain from trusting anything that comes from that account right now. account In a significant development, Illa Da Producer, who recently took up the role of Community and Partnership Lead at Yuga Labs, has announced his departure. The timing of these two announcements raises eyebrows, suggesting there may be more happening behind the scenes.

Something weird going on with the @OthersideMeta I’m officially resigning from Yuga Labs.
— Garga.eth (Greg Solano) (@CryptoGarga) October 11, 2022

— illaDaProducer (ex yugalabs) (@huckleberrygump)

The Bored Ape Yacht Club is an iconic collection of 10,000 profile picture NFTs that has emerged as one of the leading blue-chip collections in the NFT space, amassing a staggering sales volume of 672K ETH (equivalent to approximately $873.6 million). The current baseline price for a BAYC NFT stands at 74.2 ETH, roughly $96,460.

Time to chase another Grammy!!!
The scrutiny from the SEC isn't the first instance of controversy surrounding Yuga Labs. Despite the Bored Ape's popularity, the project has faced criticism from notable figures. Creative director Ryder Ripps has taken a strong stance against the BAYC imagery, pointing out unsettling similarities to Nazi symbolism. Earlier in June, YouTube personality Philion put out content highlighting these disturbing connections. October 12, 2022

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In line with the Trust Project guidelines Residing in northern Italy, Valeria often works remotely while traveling through various European cities.