The co-CEO of FTX, who is also recognized as Yuga Labs, declared that all royalties derived from their new income source would be transferred into a trading pool managed within a larger cryptocurrency fund. The location for this fund can be found at the merchant bank, FTXUS.
According to Arkham Intelligence, a blockchain intelligence firm, Yuga Labs, the organization responsible for creating Bored Ape Yacht Club NFTs, has transferred approximately $250,000 worth of assets to an FTX US wallet during the past two months.
Based on Arkham’s investigation, the funds were transferred to the Ethereum address 0xAAe7aC476b117bcCAfE2f05F582906be44bc8FF1.
Approximately $250,000 or more in royalties from Yuga Labs have been transferred into an inactive FTX US account during the last two months.
— Arkham (@ArkhamIntel) April 12, 2024
NFT owners, referred to as “creator royalties,” represent a portion of the income they receive that is set aside for artists as compensation. Yuga Labs will implement this policy, and unauthorized marketplace dealers are obligated to pay this fee. However, there’s no mandatory service charge, and it’s up to the customer 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 associations with Sam Bankman-Fried and his alleged accomplices.
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2024-04-13 02:28