Nobody Cares: the Non-Fungible Thread

Dakota Tebaldi

Dakota Tebaldi

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web3isgoinggreat.com

Scammers capitalize on Binance lawsuit fears to pull off Discord phishing scam

Adding insult to injury in Binance's tough couple of days, someone has managed to hijack the Discord vanity URL used by BNB Chain, the blockchain project associated with Binance. The scammers created a fake Discord channel where they have posted a message: "In order to curb the reactionary...
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Adding insult to injury in Binance's tough couple of days, someone has managed to hijack the Discord vanity URL used by BNB Chain, the blockchain project associated with Binance. The scammers created a fake Discord channel where they have posted a message: "In order to curb the reactionary market's response to patently false SEC accusations, we are hosting a $BNB airdrop on BSC to show our faith in our technology and community!" The scammers urged members to connect their crypto wallets, ostensibly to receive their share of the roughly 100,000 BNB (nearly $30 million) the scammers claimed they'd allocated to the giveaway.

After this was brought to BNB Chain's attention by crypto sleuth zachxbt, they tweeted that they "acted quickly (within 10 minutes) to ban the offending accounts and remove the posts. We've taken steps to secure the server and protect against any further abuse." However, less than an hour later they put out a new tweet announcing that the URL had been hijacked to redirect to a new server.

"This is a scam, and if you connect your wallet, you will lose your funds. Please exercise caution until we are able to confirm a resolution", they wrote.
 
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Dakota Tebaldi

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Welp, they've lost the interest of the Mouse. I'm not saying that this couldn't be a bad, ultimately-money-losing decision by Disney, I'm just saying that lol it's definitely not.
 
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Dakota Tebaldi

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FTX co-founder Sam Bankman-Fried has is now in jail after his $250 million bond was revoked for witness tampering and violating bond conditions related to electronic device access.

Prosecutors sought to revoke bail after what they described as a series of violations by Bankman-Fried, including contacting potential witnesses against him, using a virtual private network to subvert monitoring and speaking with a reporter about former FTX executive Caroline Ellison.
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WolfEyes

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Might be a good time to drop the Fried portion of the name.
 
Casey Pelous

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Free

Free

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arstechnica.com

Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment

Lawsuit: Sotheby's $24M sale to FTX gave Bored Ape NFTs "an air of legitimacy."
arstechnica.com arstechnica.com
The Sotheby's auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021. A Sotheby's auction duped investors by giving the Bored Ape NFTs "an air of legitimacy... to generate investors' interest and hype around the Bored Ape brand," the class-action lawsuit claims.

The boost to Bored Ape NFT prices provided by the auction "was rooted in deception," said the lawsuit filed in US District Court for the Central District of California. It wasn't revealed at the time of the auction that the buyer was the now-disgraced FTX, the lawsuit said.
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I wonder if people who lose at Las Vegas Casinos can start filing lawsuits to recover their gambling debts.
 
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Dakota Tebaldi

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The complaint is a little more complex than that. Casinos can promote the idea that you might win big, but what they can't legally do is send their own CEO down with a fake moustache to pretend to be some random customer, have him "win" an amazing jackpot, and then slap that on their ad posters saying "See, it actually happened to this person, and it could happen to you too!"

That's what's being alleged here:

The amended lawsuit alleges that "Yuga colluded with fine arts broker, Defendant Sotheby's, to run a deceptive auction." After the sale, a Sotheby's representative described the winning bidder during a Twitter Spaces event as a "traditional" collector, the lawsuit said.

The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges. Ethereum blockchain transaction data shows that after the auction, "Sotheby's transferred the lot of BAYC NFTs to wallet address 0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3,77 which, upon information and belief, is owned/controlled by FTX," the complaint said. Speculation that FTX was the buyer had been percolating since at least January 2023.

The lawsuit alleges that Yuga Labs and Sotheby's violated the California Unfair Competition Law, the California Corporate Securities Law, the US Securities Exchange Act, and the California Corporations Code. The plaintiffs also claim that Sotheby's Metaverse, an NFT trading platform opened after the auction, "operated (or attempted to operate) as an unregistered broker of securities."

"FTX has several deep ties to Yuga such that it would be mutually beneficial for both Yuga and FTX (as well as Sotheby's) if the BAYC NFT collection were to rise in price and trading volume activity. Upon information and belief, given the extensive financial interests shared by Yuga, Sotheby's and FTX, each knew that FTX was the real buyer of the lot of BAYC NFTs at the Sotheby's auction at the time that Sotheby's representatives were publicly representing that a 'traditional' buyer had made the purchase," the lawsuit said.
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You can think of it as a form of "wash trading" - this is where you have an NFT in one account that you originally bought for, let's just say, 2 cryptocoins, and then you make a separate sock-puppet account and buy the NFT from yourself for like 50 cryptocoins - and then you make another account and buy it from yourself again for 80 cryptocoins, and so on. This way you create a sales record that fakes a high demand for that NFT, so that you can genuinely put the NFT up for sale for like 64 cryptocoins and the schmuck who falls for it thinks they're actually getting a really good deal. Sotheby's allowed BAYC to put up a collection of NFTs for sale "to the outside public" and then allowed a crypto kingpin to outprice everyone by placing an idiotically-high preemptive bid on them, and then blatantly lied after the sale by characterizing the buyer as just some random real-world art collector who happened to become intrigued by NFTs, with the combined effect that both BAYC and Bankman-Fried could now sell their stupid apes for several times higher than they were originally selling for.
 
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Noodles

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The sequel will probably be better.
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Noodles

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The sequel will probably be better.
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Why are we honest?

Why aren't we all just running some sort of scam?

Clearly the scammers of the world are running rampant and the law does not care.
 
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