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
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.
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