- NFT Lately by Bitcolumnist
- Posts
- Stoner Cat SEC Lawsuit
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](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/630a8f11-0351-4fbe-a664-7ff44908717f/Logo_Primary__1_.png)
gm!
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](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/bba8668c-8b86-48de-8cf0-c986b6d36460/NFT_Lately_Header_What_s_Happening__2_.png)
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]
![Divider](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/79544e6e-2bda-4b93-a4a2-b251b29e65b2/NFT_Lately_Divider__2_.png)
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.
Milady Maker NFT Project Hit by $1M Exploit and Twitter Takeover.
@miladymaker— Bored Ape Show🐒 (@BoredApeShow)
4:02 PM • Sep 12, 2023
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%.
![Divider](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/79544e6e-2bda-4b93-a4a2-b251b29e65b2/NFT_Lately_Divider__2_.png)
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.
ApeCoin DAO - AIP-304: Create the Digital Art Movement Collection to acquire Yuga Assets(BAYC, MAYC, BAKC, and Punks and other notable NFTs... snapshot.org/#/apecoin.eth/…
— Machi Big Brother (@machibigbrother)
4:29 AM • Sep 13, 2023
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.
![Divider](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/79544e6e-2bda-4b93-a4a2-b251b29e65b2/NFT_Lately_Divider__2_.png)
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.
SEC settled its first enforcement action involving PFP NFTs. SEC alleges each uniquely generated “Stoner Cat” itself to be a “crypto asset security in the form of a non-fungible token.” Mechanics of the offering were similar to most popular PFP projects. Some of my takeaways… /1
— Mike Selig (@MikeSeligEsq)
3:16 PM • Sep 13, 2023
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? |
Today's edition was written by Leah Alger.