MeUndies cancels its NFT underwear plans and sells its Bored Ape after community backlash
Believe me, I was as shocked as you were to discover that the MeUndies underwear brand has a "community". But that community apparently objected to the brand's purchase of a Bored Ape NFT, which they intended to use as a print on their line of undergarments. "We aren't going to make any excuses, we just didn't do the work we should have to make such an impactful decision", a MeUndies spokesperson wrote on Reddit. The spokesperson wrote that, after learning about the environmental impact of NFTs and cryptocurrency, they would be canceling the planned print, and selling off their Bored Ape. The NFT in question appeared to be BAYC #3986, which most recently sold in January for around 107 ETH ($260,000).
ESPN baseball reporter Jeff Passan has his Twitter account hacked and used to shill NFTs on "the biggest news day of [his] life"
ESPN MLB reporter Jeff Passan was having a great day, as he had been the one to break the news of an agreement between the MLB and the MLB Players Association, who had been deadlocked on labor negotiations. Unfortunately, this was soured a bit by his 800,000-follower, verified Twitter account being compromised and repurposed to shill "Skulltoons" NFTs.
Passan regained control of his Twitter account several hours later. Passan later wrote in a tweet, "hey remember that time i got hacked on the biggest news day of my life". The Skulltoons project distanced themselves from the incident, writing that they believed the hackers were trying to scam the Skulltoons community.
The Polygon network suffers an eleven-hour-long outage
After a network upgrade, Polygon went offline for eleven hours while developers scrambled to diagnose and patch an issue preventing its validators from achieving the 2/3 consensus required by the protocol. Projects and traders alike were affected by the outage, with various projects having to delay planned releases, and users reporting errors and funds stuck in transit. Although the network was able to release a patch to buy them some time, the project had to hard fork on March 18 in order to properly fix the issue.
After someone games the system to acquire a disproportionate amount of airdropped tokens valued at $123 million, Juno community begins a vote to take them away
A blockchain protocol called Juno launched in October 2021, airdropping their $JUNO tokens to members of the Cosmos ecosystem in proportion to how many $ATOM tokens they held. The protocol agreed via community vote that they would cap the amount given to a single individual at 50,000 $JUNO to "ensure fair distribution across the network". However, there is no restriction that one individual only have one crypto wallet, and so one single whale ended up receiving more than 3.1 million $JUNO across tens of wallets, which they later consolidated into one. Because of the enormous value centralized in one wallet — equivalent to around $123 million — if the whale sold off their $JUNO they could wipe out liquidity on decentralized exchanges and tank the price of the token. They could also perform a 51% attack on the network, as they already have half of quorum.
On March 10, a community proposal was submitted, proposing to take away the majority of the whale's tokens (worth around $121 million), and leave them with the 50,000 $JUNO (a little below $2 million) that was originally intended to be the maximum per person. The vote passed, in a major blow to an ecosystem where "your keys, your coins" is taken as gospel — that is, if you control the keys to a wallet, your assets supposedly can't be taken from you.
Bored Apes team asks people to verify their identities for their next project, shortly after making a stink about their own identities being revealed
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) project, announced a new project in partnership with blockchain gaming group Animoca Brands. The signup required KYC — that is, people were required to verify their real-life identities — something many BAYC fans seemed to bristle at, particularly given they had released absolutely no information about what the project would entail. BAYC themselves wrote, "P.S. we don't like KYCs either, but we think you're going to want to be a part of this."
There was some irony in BAYC requiring their buyers to reveal their identities only a month after some of the BAYC founders' identities were revealed by a journalist (who made the connection based on publicly-available information), which made the BAYC team and many of their supporters absolutely irate.
NFT collector accidentally sells their rock for close to $0 instead of over $1 million
The owner of EtherRock #44 tried to list their NFT for sale for 444 ETH (almost $1.2 million), but erroneously listed it for 444 wei — the fractional unit of ETH typically used for representing transaction fees. A bot programmed to look for listings like this one, where a pricey NFT is listed for far below its average or floor price, quickly snapped up the NFT before the buyer could remove the listing. The buyer of the NFT eventually tried to flip the NFT for 234 ETH, (around $625,000). The trader wrote on Twitter, "In one click my entire net worth of ~$1 million dollars, gone".
Entrepreneurs resuscitate 20-year-old piracy powerhouse LimeWire to turn it into a totally legitimate NFT marketplace, they promise
LimeWire, the filesharing service that was enormously popular in the early 2000s for piracy, has been resuscitated — or at least the brand has. Needless to say they are probably not planning to reuse much of the 20-year-old codebase that existed before public blockchains were even in use, if they even still have it at all. The choice to create an NFT marketplace with the same branding as the service that was shut down by a federal court for rampant copyright infringement seems a bit on the nose to me, for a technology that proponents still try to claim empowers artists and actually mitigates art theft. The duo behind the project claim that they are just trying to capitalize on nostalgia for the brand, but plan to operate above-board (though they would say that, wouldn't they).
Pirate X Pirate blockchain gaming platform exploited, blames its team's "utter carelessness"
The Pirate X Pirate blockchain gaming platform was exploited, with an attacker selling of more than 9.6 million $PXP. They were able to dump the tokens into the market for a profit of around 212 BNB ($78,000). In a blog post following the incident, Pirate X Pirate wrote, "Such attack could happen due to the team's utter carelessness to launch the conversion feature despite of its vulnerability. We deeply regret bypassing the inspection that should have been done by a white hat hacker as we intended to roll out the feature long-suspended as fast as we could. We have decided to dismiss our current developer team and are currently in the process of recruiting a new team to assume the responsibilities." They also announced that they had bought back the total $PXP that were stolen, and would be undergoing an audit.
A trader ends up owing $3600 after an exchange mistakenly deposits 10 Bitcoin in their account
![Email to rifftrader, which reads: "Good Afternoon [redacted] Please advise on how you plan to satisfy the debit balance on your account? There was a credit of Crypto currency entered in your account in error and you proceeded to trade on those funds which did not belong to you. If we do not receive payment ofr $3,632.90 by tomorrow, this will be sent to our debt collection agency to be pursued further."](https://primary-cdn.web3isgoinggreat.com/entryImages/resized/rifftrader_300.webp)
Something apparently went terribly wrong on the trading platform that Twitter user rifftrader was using (though they didn't say which) when 10 BTC (~$385,000) was erroneously deposited to their account. The trader, who was expecting a transfer of $24 USD for Litecoin (LTC) that they had initiated to go through, didn't initially notice that the amount was in BTC when they subsequently converted it to USD. However, when they suddenly saw hundreds of thousands of dollars in the account, they realized what had happened. Not wishing to spend money that wasn't theirs, the trader transferred it back into BTC and contacted their exchange's support email. The exchange subsequently withdrew the erroneously-deposited funds from the trader's account. However, because the trader incurred a cost converting the BTC to and from USD, only 9.8752 BTC went back to the exchange. The exchange then proceeded to demand the trader pay the difference — around $3,600 — and accused them of "trad[ing] on those funds which did not belong to you". The email demanded payment by the following day, and the exchange threatened to send the case to a debt collector the trader didn't send the money.
NFT project created and endorsed by various English footballers plunges in value, players try to quietly delete endorsements
John Terry, an English football coach and former player, launched an NFT project called "Ape Kids Football Club" on February 2. Several players, including Tammy Abraham, Ashley Cole, and Jack Wilshere, all endorsed the project. The NFTs traded for around $650 shortly after the project launch, but as of March 9 were averaging a little under $75 apiece. At some point, Abraham, Cole, and Wilshere quietly deleted their endorsements of the project.
The plummeting price is not the only problem the project has faced; shortly after Terry announced the project in January, he was threatened with legal action by the Premier League, and had to remove depictions of Premier League, UEFA and FA trophies, as well as the Chelsea logo, from the NFT illustrations.