• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, June 22, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Market manipulation by Bored Ape owner Yuga Labs

by Om Chaturvedi
March 21, 2022
in Crypto
Reading Time: 2 mins read
0
BAYC

Credits: Bitcoin news

TwitterWhatsappLinkedin

There are concerns about market manipulation in the recent Yuga Labs acquisition of Meebits and CryptoPunk IP. There was a concern that several addresses purchased 159 Meebits NFTs between March 5 and March 11.

You might also like

Arizona Legislature Revives Bitcoin Reserve Bill for Seized Crypto

Texas Charts Bold Financial Course with First Ever Publicly Funded Bitcoin Reserve

All cryptocurrency holders can earn $5,625 per day, GMO Miner makes this a reality.

Since its acquisition by Yuga Labs on March 11, the floor price has more than doubled to over 6 ETH, which is roughly $15,000.

Bored Ape
Credits: BAYC

A bulk of the discourse appears to be centered around the seemingly suspicious acquisition of certain Meebits NFTs prior to the announcement of the deal. The NFTs had nearly doubled in value after the deal was revealed.

According to data from blockchain security firm PeckShield, 14 Ethereum addresses with no clear history of NFT purchases had bought 159 Meebits between March 5 and March 11. This occurred just before Yuga Labs said it would purchase the rights to Meebits and CryptoPunks from Larva Labs.

The news has spurred debate over whether Meebits purchases can be classified as insider trading, as NFTs are technically not considered securities. While the Securities and Exchange Commission ( SEC ) has suggested bringing NFTs under its sway , no legislation has been passed so far .

But while the Meebits deal may not be technically illegal, it has been criticized for being ethically irresponsible by Twitter users. @NFTethics has been openly talking about Larva Lab employees about the alleged market manipulation. Neither Yuga nor Lar have issued official statements on the matter.

Bored Ape
Credits: CNET

This issue brings back speculations about market manipulation, an issue that has plagued the NFT space. The volatility of the crypto market also extends to the NFT space, which means speculators have to rely on their hunch and available public information to make profits.

None of the parties involved in the deal, Yuga Labs and Larva Labs, has made any comments about the allegations.

The lack of regulations for the industry had made it difficult to identify market manipulation. Even when uncovered, it’s near impossible to prosecute it.

This means that it’s up to NFT platforms to do something about it. Last year,  Opensea banned its employees from trading NFTs listed on the platform after one employee bought a listed NFT before it became public and sold it for a profit later on.

Yuga Labs recently faced some allegations of an attempted pump and dump, with its unveiling the ApeCoin. Criticism was aimed at the fact that Yuga and its founders would still hold a majority of the token’s supply, while allowing the rest to trade on the open market.

Tags: Bored Ape Yacht Club projectmanipulationMarket
Tweet54SendShare15
Previous Post

Ethereum creator criticises NFT Empire

Next Post

Universal music group buys Bored Ape NFT to lead virtual music group

Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

Recommended For You

Arizona Legislature Revives Bitcoin Reserve Bill for Seized Crypto

by Anindya Paul
June 22, 2025
0
Arizona

The Arizona Senate has revived the campaign to create a formal reserve of cryptocurrencies seized by state agencies. On 19 June 20225, lawmakers passed House Bill 2324 (HB...

Read more

Texas Charts Bold Financial Course with First Ever Publicly Funded Bitcoin Reserve

by Anindya Paul
June 22, 2025
0
Texas Bitcoin

Texas has taken a significant leap towards redefining public finance by carving out the country’s first stand alone, publicly funded Bitcoin reserve, signing Senate Bill 21 (SB 21) into...

Read more

All cryptocurrency holders can earn $5,625 per day, GMO Miner makes this a reality.

by Techstory
June 22, 2025
0
All cryptocurrency holders can earn $5,625 per day, GMO Miner makes this a reality.

In 2025, cryptocurrency cloud mining has become the focus of media attention, sparking a strong interest in the public's way to obtain digital assets. Traditional mining often requires...

Read more
Next Post
BAYC

Universal music group buys Bored Ape NFT to lead virtual music group

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?