The co-CEO of FTX, who is also known as Yuga Labs, made an announcement: all royalties derived from their new income source will be deposited into a trading account that’s part of a larger cryptocurrency fund. This account’s location is at the merchant bank, FTXUS.
Yuga Labs, the business responsible for creating Bored Ape Yacht Club (BAYC) NFTs, has reportedly transferred around $250,000 worth of funds to an FTX US wallet as per findings from Arkham Intelligence, a blockchain investigation firm. The identified wallet address receiving these funds is 0xAAe7aC476b117bcCAfE2f05F582906be44bc8FF1.
Over the past 2 months, more than $250,000 worth of royalties from Yuga Labs have been transferred into an inactive FTX US account.
— Arkham (@ArkhamIntel) April 12, 2024
NFT creators receive a share of the income, referred to as royalties, that proprietors choose to pass on to them. Yuga Labs will implement this policy, and unauthorized marketplace traders must pay for these transactions. However, there is no mandatory service fee, and customers have the freedom to decide whether or not to make the payment.
The importance of Yuga Labs’ filing in the hastened FTX bankruptcy process remains uncertain. In November 2022, FTX US found itself in bankruptcy proceedings due to its association with Sam Bankman-Fried and his alleged accomplices.
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2024-04-13 01:24