2024 NFT Recap: NFT Collections Involved in Rug-Pull in the US as Yuga Labs Pulls Out of Some Markets

Crypto News – Yuga Labs, an NFT company, is removing its collections from NFT marketplaces that do not allow royalties to be paid to all creators.

2024 NFT Recap: NFT Collections Involved in Rug-Pull in the US as Yuga Labs Pulls Out of Some Markets

The popular Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections are made by Yuga, who revealed on X on February 26 that parts of its NFT collections will only be exchanged on platforms that honor creator royalties.

Royalties are the lifeline that keeps creators building fun, weird, and innovative activations in the space.

Yuga Labs

Yuga Labs is discontinuing support for marketplaces that do not charge royalties; however, this will only affect a portion of its NFT collections. This covers their royalty-filtered collections, which include Otherside, 10KTF, HV-MTL, Sewer Passes, and more.

Two Teens Believed Responsible for NFT Fraud Amounting to $300K

The question of whether to recognize NFTs as virtual assets will be discussed by South Korea’s financial regulators and SEC Chair Gary Gensler. The chairman of South Korea’s Financial Supervisory Service (FSS), Lee Bok-hyun, will begin talks with Gensler in May, according to a story published on February 26 by the local media outlet Edaily. There are currently no precise legal definitions for NFTs in the nation, according to the report.

It has been alleged that a US Air Force cyber analyst used two NFT collections located in Solana to deceive investors. On February 21, charges of conspiracy to conduct wire fraud and money laundering were brought against Devin Alan Rhoden, a 24-year-old Air Force analyst, and Berman Jerry Nowlin Jr., a 20-year-old. If found guilty, the two may serve as long as five years in federal prison. After persuading collection investors to transfer them at least $300,000 in cryptocurrency in exchange for the NFTs, the two created three Solana-based NFT collections named Undead Apes, Undead Lady Apes, and Undead Tombstone.