Stoner Cat SEC Lawsuit

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This Week's Low-Down:

• 😲 Milady Maker Loses $1M to DAO Members Exploiting the Project

• 🏛️ Apecoin Proposes to Use 11M $APE to Bring NFT Art to Museums

• 👨‍⚖️ Mila Kunis’ Stoner Cat NFT Project Faces SEC Lawsuit with $1M Fine

• Animoca Brands’ $20M Capital Infusion to Bolster the Mocaverse (NFT Lately)

• US Governments Race to Utilize AI While Navigating Pitfalls (nft now)

• Aaron Rodgers Injury Sends DraftKings NFTs Soaring for Backup QB (Decrypt)

• FTX Tweaks Crypto Sale Proposal to Placate U.S. Government (CoinDesk)

• CNA Insurance Excludes NFTs from Coverage of $20M Trust Policy (Cointelegraph)

• August Monthly NFT Report in Collaboration with Footprint Analytics (NFT Plazas)

• Hundreds of Nouns Holders Rally to Exit DAO, Leading to Treasury Split (nft now)

• Coinbase Paves Way for Big Institutions to Do More With Web3, DeFi, NFTs (CoinDesk)

• Are DAOs Overhyped and Unworkable? Lessons from the Front Lines (Cointelegraph)

• Metaverse Expo Tokyo Returns for the Autumn Leg of its Exciting Journey (NFT Plazas)

• Grab, Southeast Asia’s Uber, Integrates NFTs into Business Model (NFT Lately)

• Aaron Rodgers Injury Sends DraftKings NFTs Soaring for Backup QB (Decrypt)

• NYFW’s Nolcha Shows: Merging Fashion, AI, and Web3 (nft now)

Trending Collections on OpenSea:

• Sugartown Oras [Floor Price - 0.13 ETH]

• sphpp [Floor Price - 0.01 ETH]

• Parallel Alpha [Floor Price - 0.16 PRIME]

Milady Maker Loses $1M to DAO Members Exploiting the Project

Milady Maker — an Ethereum-based NFT project — suffered an exploit whereby around $1 million in fees were diverted from Remilia Corporation, the DAO behind the project.

• The exploit was tied to Bonkler, an experimental finance art project of Remilia launched in April 2023.

• The central contracts and NFTs remain safe despite the compromised revenue, and user assets are unaffected.

• The DAO member also took control of multiple X (previously Twitter) accounts linked to Remilia (including Miladymaker and Remilionaire). These accounts are to be treated as compromised.

• Remilia's co-founder, Charlotte Fang, has identified the individuals involved and vowed to take strict legal action against them. They have been removed from the Remilia Corporation.

• Following the exploit news, the floor price of a Milady NFT fell by 15%.

Apecoin Proposes to Use 11M $APE to Bring Digital Art to Museums

Machi's Apecoin proposal is set to go live for voting today, aiming to use 11 million $APE to acquire Apes/Mutants/Punks and other iconic NFTs for digital art in museums.

• If Machi’s proposal is approved, a new governance token named $DAM will be introduced for NFT selection and curation.

• Users can secure $DAM allocation by time-locking their $APE — a likely strategy to counteract the selling pressure from the 11 million $APE used to purchase NFTs.

• The proposal commits to deploying at least 50% of the capital in the first year.

• A specific clause has been added that prohibits buying NFTs directly from Machi.

• Many are optimistic about an 8-figure capital boost to the market and the introduction of a new significant buyer.

• Will this be what brings the NFT realm back into full swing?

• Check out the full proposal here.

Mila Kunis’ Stoner Cat NFT Project Faces SEC Lawsuit with $1M Fine

The SEC has taken action against the 'Stoner Cat’ NFT series, led by Mila Kunis, for conducting an unregistered offering of crypto-asset securities in the form of NFTs.

• Stoner Cat sold over 10,000 NFTs, each around $800, in a 35-minute frenzy on July 27, 2021, providing crucial funding for the NFT project.

• The NFT project featured a star-studded cast. On top of Kunis leading the project, it included Ashton Kutcher, Chris Rock, and Vitalik Buterin.

• SEC's complaint concerns Stoner Cat’s NFT marketing, suggesting potential value growth tied to creator qualifications and cast prominence.

• The NFTs claimed a 2.5% royalty on over 10,000 secondary sales, totaling $20 million.

• As part of SEC enforcement, Stoner Cats must pay a $1 million penalty, create a restitution fund, and destroy all NFTs.

Today's edition was written by Leah Alger.

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