Yuga Labs’ Accused Of Fraud Over Otherdeeds NFT Mint

Yuga Labs has been accused of fraud, manipulation, and preferential treatment over Otherdeeds NFT mint by disgruntled community members. 

iexclusivenews reports that disgruntled community members have taken to Twitter to express their dissatisfaction with Yuga Labs’ handling of the Otherdeeds nonfungible token (NFT) mint. 

This online news outlet understands that the debut of Otherdeeds NFTs drew a lot of attention from the community. And they sold out almost quickly. Because of the strong demand. Ethereum gas fees skyrocketed, with users paying anywhere from 2.6 to 5 Ether (ETH) to execute transactions. 

What Community Members Are Saying

However, iexclusivenews Nigeria reports that many members of the community were dissatisfied with the event. Several Twitter users have theorized that the mint was “designed to fail” so that the organization could publicize the introduction of its own blockchain. As the team indicated a chain migration in one tweet as a result of the event, according to RandomGuyonct. 

We apologize for temporarily shutting out the lights on Ethereum. ApeCoin will very certainly need to shift to its own chain in order to scale adequately. We’d want to encourage the DAO to consider this possibility. 

We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.

— Yuga Labs (@yugalabs) May 1, 2022

[the_ad id=”41670″]

Apart from these, Twitter user Mark Beylin accused Yuga Labs of “revealing their true colors” and stated that he had exited all Ape-related NFT investments. Beylin also warned others to assume that the people behind Yuga Labs are “bad actors.” 

Just finished exiting all of my Ape related NFTs

now that Yuga has revealed their true colors, I can't unsee it

con artists of the highest order

— Mark Beylin (@MarkBeylin) May 2, 2022

Some users claim to have lost their ETH as a result of their failure to finish transactions. Yuga Labs, on the other hand, has guaranteed to reimburse any lost gas expenses from the botched transactions. 

[the_ad id=”41664″]

CryptoFinally, a Twitter user, also alleged that Yuga Labs granted members of the Bored Ape Yacht Club (BAYC) better land than non-members.

They wrote, “Non-BAYCs who wish to become engaged paid for considerably shittier land, while BAYCS acquired the only land worthwhile.” 

The burn rate of Ethereum reached a new all-time high as a result of the Otherdeed NFT decline. According to data from Glassnode and Data Always, about 70,000 ETH were burnt on the day of the mint.