Subject: 🚀🦎Not all apes are created equal

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It’s Monday Again, Geckos!


Yuga Labs, the creators of Bored Ape Yacht Club, sues artist Ryder Ripps, for producing and selling copycat NFTs called RR/BAYC.


The lawsuit claims that Ripps is misusing the Bored Ape Yacht Club trademark to devalue the originals by flooding the market with his copycats. The lawsuit seeks injunctive relief, damages as well as attorneys’ fees from Ripps and his associates.


In today's news, Harmony offers a $1 million bounty, Nexo threatens legal action against Otter, and Morgan Creek counters FTX’s BlockFi bailout.


Read on!

24h Hot Searches Worldwide 


  • Terra                           (+9.8%)

  • Evmos                         (+2.1%)

  • Celcius Network       (-18.9%)

  • TerraClassicUSD      (+46.0%)

  • The Sandbox             (-4.6%)

  • Solana                        (+0.7%)

  • Polygon                      (-2.3%)


Financial markets rallied last week, giving crypto a rare positive week amidst the bear market, with market cap finally breaking back above $1T during the weekend. Meanwhile, crypto lending firms seek bailout to survive...


Catch up with the latest market developments in our latest article here!


You can also read our other articles for the week:

How does Ripple aims to solve inefficient systems in cross-border transactions? We're going to share on all things Ripple and XRP - from its current legal battle with the SEC, to how it paves the way for future potential in 2022!


Watch this video to learn about Ripple 📺

Is that enough?


Harmony Protocol tweeted an offer of $1 million bounty for the return of $100 million in crypto stolen from the hack of its Horizon bridge, as well as information on how the hack took place.


The company added that it would also “advocate for no criminal charges” if the funds were returned.


Harmony’s founder and CEO, Stephen Tse, said that his “team has found evidence that private keys were compromised, leading to the breach of our Horizon bridge.”


The Block

In Otter News


Nexo has released a cease and desist letter against an anonymous Twitter user by the name of ‘Otter”.


Otter had published a Twitter thread claiming that Nexo’s co-founders had plundered funds intended for charity on the 26th of June. Nexo has since published a blog post, looking to rebut said claims.

The Block

Morgan Creek vs Sam Bankman-Fried


A leaked call revealed Morgan Creek Digital is looking to raise funds to counter FTX’s $250 million credit line to BlockFi. The leaked call suggests numerous VCs are figuring out ways to provide financing to the struggling BlockFi.


According to the leaked call, the deal proposed by FTX gave them the option to overtake BlockFi’s existing equity stakeholders, including Morgan Creek Digital which were part of several BlockFi funding rounds.


Yusko also mentioned that they are trying to pursue a joint deal with FTX and is in the talks with other investors to match Sam Bankman-Fried’s deal.


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⚙️Protocol of the Day
 

The Sandbox


Sandbox is a decentralized community owned virtual world. Creators can host custom games and events on the virtual world. Analysts like to compare Sandbox with Roblox due to their similarity in concepts.


However the key difference with Sandbox is that players have true ownership of the virtual world assets in the form of NFTs. By doing so, players and creators will be able to participate in the economy by assets trading and earning through tokens, making Sandbox also a considered a play to earn game.

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