Co-founder Yuga Labs takes a step back due to heart problems

Yuga Labs is the company behind the successful non-fungible token (NFT) projects Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). In addition, the APE ecosystem also has its own metaverse called ‘The Otherside’ and its own crypto ‘ApeCoin (APE)’.

For example, owners of this Apecoin could get one of 55,000 Otherdeed NFTs in May 2022 in exchange for 305 APE. These tokens give owners the right to claim land in the virtual world of the ecosystem.

In early 2022, Yuga Labs also acquired the CryptoPunks NFT collection from developer Larva Labs.

Co-founder Yuga Labs has health problems

Yuga Labs co-founder Wylie Aronow has announce on Twitter that health problems force him to take a step back from the company. He said that he is currently suffering from severe heart problems. For that reason, his health will now be put at number one and he has decided to take a temporary leave from Yuga Labs.

He also indicates that he has been working extremely hard lately and has not cared enough about his health. The entrepreneur won’t be completely out of the picture at Yuga Labs, however, as he will stay on as a strategic advisor and part of the company’s board.

Trouble for company behind BAYC

Recently you could read in the NFT news that some lawyers expect the Securities and Exchange Commission (SEC) will go after Yuga Labs. In October 2022, it became known that the SEC Yuga Labs is investigating whether it would have sold the popular NFTs and the ApeCoin governance token as securities.securities‘). This investigation may lead to a lawsuit, which would resemble the case Ripple (XRP) is currently involved in.

You could also read earlier that Yuga Labs was sued for generating hype for their NFTs. This would have happened in secret and this falls under so-called market manipulation. A number of top Yuga Labs executives and a large number of celebrities would have been hired to promote the popular NFTs.

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