Ethereum

Treasure

ApeCoin

<p>A recent incident unfolded involving the resignation of the Social Lead at Yuga Labs, the company responsible for the creation of the Bored Ape Yacht Club and other notable NFT collections. This departure occurred after several racist and antisemitic tweets, posted by the individual years ago, resurfaced, prompting widespread attention.</p>
<h2 class="wp-block-heading" id="yuga-labs-social-lead-leaves-the-firm-after-tweet-controversy">Yuga Labs’ social lead leaves the firm after tweet controversy</h2>
<p>Shpend Salihu, known by the username NGBxShpend and identified as the company’s Social Lead in a LinkedIn post from June, <a href="https://twitter.com/NGBxShpend/status/1721066217644147126" rel="noopener noreferrer nofollow" target="_blank">announced</a> his resignation via Twitter. His decision came in response to the viral circulation of his past tweets that denigrated individuals from different racial and ethnoreligious groups. Salihu expressed regret and clarified that the tweets did not reflect his true beliefs, recognizing their detrimental impact on the Club’s image.</p>
<p>Yuga Labs acknowledged the former employee’s association with the company and confirmed his resignation, refraining from commenting further on the matter. The Bored Ape Yacht Club, a prominent NFT project, consists of 10,000 unique Ethereum profile pictures functioning as exclusive access passes to a private club offering diverse benefits, such as event access, unique perks, prior NFT drops, and ApeCoin tokens.</p>
<p>Since its launch in early 2021, the project has generated substantial trading volume, nearing $3 billion, as indicated by data from CryptoSlam. Follow-up projects like the Mutant Ape Yacht Club and Otherside have further added billions to this overall trading tally. Additionally, Yuga Labs acquired the CryptoPunks and Meebits IP from Larva Labs, further solidifying its position in the NFT space. Salihu’s resignation coincided with ApeFest, an annual real-world gathering for Bored Ape Yacht Club members.</p>
<h2 class="wp-block-heading" id="trading-success-and-controversies-surrounding-the-firm">Trading success and controversies surrounding the firm</h2>
<p>During the ApeFest event, Yuga Labs revealed its collaboration on an Ethereum NFT marketplace with Magic Eden. However, reports emerged of attendees experiencing eye discomfort, potentially due to overexposure to UV light. Several Bored Ape NFT owners and prominent collectors expressed dissatisfaction with Salihu’s tweets both before and after his resignation. Some highlighted the need for background screenings to prevent such occurrences, while others critiqued the situation without supporting cancel culture.</p>
<p>Yuga Labs and its co-founders have previously faced accusations of incorporating antisemitic and racist imagery in the Bored Ape Yacht Club’s creation. Despite denying these claims and emphasizing the diverse heritage of its co-founders, the company encountered allegations regarding racial imagery and references. Artist <a href="https://www.cryptopolitan.com/yuga-labs-trademark-infringement-ryder-ripps/" data-type="post" data-id="393658" rel="noopener noreferrer nofollow">Ryder Ripps</a> was a notable figure who accused Yuga Labs of such imagery.</p>
<p>Yuga Labs responded by suing Ripps and collaborator Jeremy Cahen over a similar Bored Ape collection. Yuga Labs prevailed in court, with a U.S. district judge ruling in their favor, ordering the payment of damages and the transfer of the knockoff collection’s smart contract to Yuga Labs. This series of events has fueled discussions and controversies around the Bored Ape Yacht Club, intensifying scrutiny of Yuga Labs and their practices within the NFT space.</p>

Yuga Labs employee resigns amid racial and antisemitic controversies

Table of Contents

Cryptopolitan_News

Other articles published on Nov 7, 2023

Why Is Bitcoin Digital Gold Role So Important? The Situation of the US and BTC’s Next Move

Dogecoin Price Prediction: Bullish Pattern Sets Recovery Beyond $0.1, But There’s a Catch

Nil Foundation Revolutionizes Ethereum with ZK-Rollup Sharding

While Developers Mostly Turned to These Altcoins in the Last Month, Cardano (ADA) Ranked at the T...

Silicon Valley's Proof Group in Pole Position to Revive Collapsed Crypto Exchange FTX

Bitcoin Price Prediction: $BTC Faces 8% Downswing Amidst Distribution Phase

Join our free newsletter for daily crypto updates!