The Bulletin Bored: SEC Investigation + Bug Bounty Program

Contributions to this week's newsletter made by @maariabajwa

Welcome back to another issue of The Bulletin Bored, where I provide news, analytics, and other information on the Apecoin DAO and broader BAYC ecosystem. From being a part of an SEC investigation to being one of the 10 cryptocurrencies Google now accepts for its cloud services, it was an eventful week for the BAYC. Let’s take a look at some highlights from the past week.

• As part of a wider probe into NFTs, the SEC launched an investigation into Bored Ape Yacht Club creator Yuga Labs

• Yuga Labs announces a new $1 million initiative to support arts and education programs in Miami

• Google to accept 10 cryptocurrencies, including Apecoin, for it's Cloud Services

One of the most interesting stats I’ve come across in my research is how few people have voted on every Apecoin DAO proposal. That number is now down to just seven. How much longer until it is only one?

There are no proposals in the Live Voting stage this week. Check back next week for further updates.

The team behind approved AIP-91 provided a quick update on the platform they are developing to connect talent within the Apecoin DAO community.

Crypto Weekly by Maaria

Apecoin DAO Board Member Maaria continues to keep the community informed on what is happening across the Web3 community. Below are some of the updates from her most recent issue. You can subscribe to the full version here.

• The SEC is reportedly investigating Yuga Labs over whether it offered unregistered securities.

• Google Cloud is working with Coinbase to allow its users to pay in crypto. Last month Google agreed to run a validator node for the Ronin network.

• NFT marketplace Magic Eden is switching to an optional royalty model, following a controversial trend set by the X2Y2 marketplace. Magic Eden also said it would be temporarily waiving its 2% platform fee.

• Soon after the exploit, the Mango DAO offered the rogue trader a bug bounty of $47 million. He offered a counterproposal that would require Mango DAO to use the returned funds to settle ‘bad debt’ Mango had accumulated in June. The DAO rejected the counteroffer and passed the original offer of $47 million.

• Artist Damien Hirst began burning physical pieces of his 10,000 piece NFT project “The Currency”. Each NFT came with a corresponding physical, and holders were given the option of burning the NFT to redeem the physical piece or keeping the digital version. Roughly 4,800 buyers opted to keep the NFTs.

• NFT artist Beeple is building a digital art studio in South Carolina.  

• French authorities arrested 5 people for stealing $2.5 million worth of NFTs. The charges come after reporting from self-proclaimed “on-chain sleuth” @ZachXBT.

• Solana NFT collection DeGods announced it was removing collection royalties.

• CNN is ending Vault by CNN, its web3 initiative that allowed fans to purchase iconic CNN moments as NFTs. Vault plans to distribute ~20% of mint price to NFT owners.

• OpenSea launches support for Avalanche NFTs.

• SEC Commissioner Gary Gensler said he supports granting the CFTC regulatory oversight over non-security tokens. Crypto advocates are joining the CFTC case against Ooki DAO, arguing that the CFTC needs to identify and serve members of Ooki DAO directly rather than serving the DAO itself through a website chat bot.

• Crypto policy non-profit Coin Center filed a lawsuit against OFAC, claiming it unlawfully sanctioned Tornado Cash in August.

• A bipartisan bill regulating stablecoins and giving the CFTC authority over non-security digital assets could pass in the next 6 months.

Thanks for reading this week’s edition! As mentioned above, a lot of ideas are being proposed on the Discourse forum nearly every day. If you have one of your own and are unsure where to begin, please reach out to me so I can help you get started.

Disclaimer: As part of Apecoin DAO AIP-66, my grant agreement includes the Ape Foundation sending me 400 Apecoin per month for delivery of this newsletter. Nothing said by me in this newsletter or on Twitter should be construed as financial or legal advice. All opinions in this newsletter are my own and not representative of the Ape Foundation or Apecoin DAO in any way. The purpose of this newsletter is to inform the community about news, proposals and what is happening inside the Apecoin DAO and BAYC ecosystem, not a promotion of Apecoin or anything else in any way. By subscribing to this publication you give consent to use your email to send you issues of its newsletters and podcasts. You can view my Privacy Policy here.