This case It states that Ripps has used original images of BAYC in its Fake NFT collection to describe them as RR/BAYC NFTs. This has reduced the value of BAYC NFTs and increased fake NFTs in the market. It has been told that the value of BAYC NFT is hundreds of dollars and some celebrities are also its holders. It states that only 10,000 BAYC NFTs exist and they are not the same. Ripps has built its collection under the brand name RR/BAYC and has sold it through their website. Yuga Labs has sought to stop Ripps and his associates from doing so.
Along with this, the firm has also stated that the application for trademark and logo of BAYC was made last year and it is pending. Recently around 200 ETH worth of NFTs were stolen by breaching BAYC’s Discord server. Although the Yuga Labs team caught the breach early on, around 200 ETH had already been lost.
Yuga Labs had told that the matter is being investigated. Along with this, the affected users have been asked to give information by email. “We would like to remind you that we do not offer any sudden mints or gifts,” the firm said in a tweet. The incident happened after scammers caught the login details of Boris Vagner, social and community manager of BAYC. Scammers had announced gifts to holders of BAYC, MAYC and Otherside in a phishing attack. A screenshot of the announcement made by the scammers was also shared on Twitter. Earlier, the Instagram account of BAYC was also hacked. In this, NFT of about 2.5 million dollars was stolen.
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