FTX Bankruptcy Puts Bored Apes at Risk

Share This Post

FTX bankruptcy puts 98 OG NFTs at risk—including some of the rarest, golden-furred Bored Apes

FTX holds Bored Ape and Otherdeed for Otherside NFTs following helping Yuga Labs raise capital. Thus, around $5.8 million (5,000 ETH) worth of OG NFTs are at risk due to FTX’s recent bankruptcy.

Quick Take: 

  • 98 Bored Apes are in risk of liquidation following the FTX blowup.
  • In total, the digital collectibles are worth $5.8 million.

Related Content: Sequoia Capital’s $213.5 million investment in FTX is now worthless

FTX bankruptcy

Why are Bored Apes at Risk? 

FTX Ventures was a well-known investor in Yuga Labs’. In March last year, the VC invested $450 million in the Miami-based NFT firm. 

FTX’s quantitative trading firm, Alameda Research, took charge of the firm’s crypto wallet, holding 92 OG NFTs—31 Bored Apes and 26 Otherdeed for Otherside tokens.

In total, the collection of NFTs is worth up to $5.8 million (5,000 ETH). The rarest Apes in the wallet include three with gold fur—all of which are worth 1,000 ETH each.

The collection is also said to have four “trippy fur” Bored Apes, costing a whopping 599 ETH per NFT.

FTX aimed to use the Bored Apes as part of a trading strategy. Although, despite the digital collectibles being worth a lot, it’s a small fortune compared to the amount of cash needed to get the crypto ‘powerhouse’ out of the dirt.

Now, the Bored Apes are at risk of liquidation following the aftermath.

The prices of Yuga Labs collectibles are also falling amid the liquidity crunch. The cheapest Bored Ape now costs 82% less than its peak in April, for instance.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT drops, releases, reviews and more.


Related Posts

Magic Eden Adopts Solana’s Compressed NFTs

Magin Eden, the distinguished NFT marketplace, recently announced its...

Friend.tech Returns With Surging NFT Trading Volumes

Friend.tech, the decentralized social media app, has shown an...

CoinMarketCap and HELLO Labs to Premiere TV Series, Killer Whales

An official trailer for the Web3 television series 'Killer...

Machi Proposes 11M $APE Sends NFTs to Museums Worldwide

An intriguing week-long vote surrounding OG NFTs kick-started today! Machi Big Brother,...

Italian Luxury Watch Brand Panerai Introduces Digital Passports Generated with NFT

Italian luxury watch manufacturer Panerai has revealed plans to include an...

Related Posts

Top 5 Most Expensive CryptoPunks NFTs and Reasons Why

CryptoPunks' unique attributes sell for six digits or more CryptoPunks,...

Rarible Rises Amid Strong Royalty Advocacy—OpenSea Sinks

The NFT marketplace, Rarible, has a notable 24-hour spike...

Magic Eden Presents $1 Million Fund to Boost NFT Projects on Polygon

Magic Eden, a prominent Solana-based marketplace, has taken a...

Hot Wheels Introduces New NFT Collection: Garage Series 6

Hot Wheels, the beloved toy car brand, has launched...

Snoop Dogg’s Bored Ape NFT Inspires New Skechers Line

Snoop Dogg and Skechers have collaborated again to release...