Stoner Cat SEC Lawsuit

Milady Maker loses $1M to DAO exploitation, Apecoin proposes 11M $APE for NFT museum art, Stoner Cat NFTs face SEC lawsuit.

NFT Lately Logo


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

What's Happening Header
  • 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:


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.

What did you think of today's edition?

Login or Subscribe to participate in polls.

Today's edition was written by Leah Alger.