SEC Investigating Bored Ape Creator Yuga Labs Over Securities Violations

The United States Securities and Exchange Commission is investigating Yuga Labs over whether its Bored Ape Yacht Club Ethereum NFTs and the ApeCoin token are unregistered securities, according to Bloomberg. From a report: The report, which cites an unnamed source, claims that the agency is exploring whether the crypto startup broke federal law by issuing NFTs that act like stocks, as well as exploring the distribution of the Ethereum-based ApeCoin token that launched earlier this year. Yuga Labs has not yet been accused of any wrongdoing and the investigation may not necessarily lead to charges, per the report. "It's well-known that policymakers and regulators have sought to learn more about the novel world of Web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem," Yuga Labs told Bloomberg in a statement. "As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way." The Bored Ape Yacht Club is one of the most successful NFT projects to date, with the main collection of 10,000 NFTs initially selling to the public at $190 worth of Ethereum apiece. That sale yielded Yuga roughly $1.9 million. Follow-up and spinoff projects, the Mutant Ape Yacht Club and the Otherside metaverse game, then raked in $96 million and $319 million, respectively.

Word salad

[Malays2 bowman]

"Bored Ape Yacht Club Ethereum NFTs" :-\

Re:

[splutty]

The only thing important about that phrase is the end.

NFT, which of course stands for "No Fucking Thanks".

So the whole sentence would be: "Bored Ape Yacht Club Etheruem No Fucking Thanks" and now it makes perfect sense.

Re:

[Caro Cogitatus]

I'm ready to invest. What could possibly go wrong?

Re:

[awwshit]

NFT stands for Not Fucking There because when you look into the blockchain and look at your entry, your Bored Ape is Not Fucking There. You get a link and your Ape is Not Fucking There. Anyone can visit your link and get the same quality copy of your ape that you do. You got the NFT but everyone got the ape picture anyway.

Re:

[whoever57]

As I read elsewhere: anyone can fuck your wife, but you have the marriage certificate to prove she is your wife.

Re: don't drop the soap!

[Malays2 bowman]

Yeah, it's a little foolish to think one can run a big super hyped up scam and not ebd up snuggling down with Bubba.

Wait

[AmiMoJo]

Are you telling me these shitty ape JPEGs I paid $150,000 for were some kind of scam?!

Re:

[Dwedit]

Not even a jpeg, a URL pointing to that jpeg.

So I invested my life savings in a URL?!

[thesjaakspoiler]

I received a printout of a bored looking monkey picking his nose to put on my wall because the NFT broker said my original was safely stored in a cybervault on the North Pole next to Santa's house.

Re:

[hdyoung]

Allow me to correct: those shitty low-res ape JPGs that you paid for (in a crypto coin that a few sketchy people in random countries CLAIM was worth) 150k were actually some kind of scam.
Fixed that

Re:

[AmiMoJo]

Unless I was one of those even bigger idiots who bought the worthless crypto coins with real money, so I could buy the worthless shitty low-res ape JPEG.

Re:

[Opportunist]

That's no scam, you just traded your magical beans worth 150 grand for the right to some unicorn farts that are worth 150 grand.

Dear SEC

[vinn]

Dear SEC: You stupid f*cks are ignoring all of the obvious scams happening in the world and going after Kim Kardashian and shitty JPEGs. What IN THE FUCK IS WRONG WITH YOU.

Re:

[nightflameauto]

Kim Kardashian and the Shitty JPEGs (great band name, btw) didn't pay the SEC yet for their "services." Once they get the taps set and the flow of cash going in the right direction, they'll start ignoring them too.