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YUGA TAKES THE W
Yuga Labs v. Ryder Ripps, Trust Wallet incident, and EU crypto rules
GM Baos,
We hope your week has been off to an amazing start 🙂
Today we cover:
Yuga Labs victory
Trust Wallet vulnerability
EU crypto regulations
A big win for Yuga 🎉
Those creating degen and ripoff NFTs better beware. Yuga Labs recently won a case against a project that tried to create art similar, if not the same as BAYC. The ruling was in favor of Yuga Labs, honoring their claim of trademark infringement against the opposing NFT.
Due to the enormous number of secondary degen projects created to follow hyped projects, this definitely creates another layer of safety for builders who have been creating their project for quite some time.
Even though Yuga is already entitled to monetary damages and injunctive relief, it's a big win for founders and NFT holders alike. People now have to think twice before creating a copy under the guise of "freedom of speech" or "artistic impression."
With these trademarks being recognized, we're slowly gaining the much-needed awareness that NFTs are here to stay, and they're more than just art.
It's only a matter of time before we Dumplings start to shine!
Trust Wallet mishap
Late last year, Trust Wallet experienced a security breach that led to multiple wallets losing a huge sum of cash. Although the vulnerability has been patched, the damage was already done.
This happened to browser wallets that were created between November 14-23, 2022. It didn't affect the people using the mobile version, so phone warriors are absolutely fine 😆
1/10 Trust Wallet is built on security & trust. So we're sharing a vulnerability affecting new addresses created Nov 14-23,22 using the Browser Extension.
The issue is fixed. Most at-risk funds are secured. Affected users should take actions outlined:
➡️http— Trust Wallet (@TrustWallet)
8:59 AM • Apr 22, 2023
Yes I know that this is a hidden part of the past for many of you, but I’m happy to find out that the company admitted to their mistake and is actively working to provide a refund to those affected, including gas fees.
The total amount breached amounted to around $170k, with around $88k remaining. It's good to see a company that prides itself on security own up to their mistakes and provide refunds such as this.
Although this doesn't change what has happened, it shows how much the company values the trust of its customers and their dedication to reviving or continuing the project they have.
EU crypto law = approved
MiCA (Markets in Crypto Assets) has just been passed in the European Union (EU). This is extremely important as Europe becomes the first major jurisdiction in the world to introduce a comprehensive crypto law.
The purpose of this legislation is to prevent money laundering and reduce uncertainties in the crypto space. An example of implementing the legislation is by requiring crypto operators to KYC (know your customer) the individuals transferring tokens.
1/3 🔴 #ESMA welcomes today’s vote in @Europarl_EN plenary to approve the Regulation for Markets in Crypto Assets #MiCA 👏
✅ First EU rules to trace #CryptoAsset transfers, prevent money laundering & common rules on supervision & customer protection → https://europa.eu/!GxVJ97//
— ESMA - EU Securities Markets Regulator 🇪🇺 (@ESMAComms)
11:58 AM • Apr 20, 2023
They plan to create a license for wallet providers to operate on a specific blockchain, and companies will be given around 18 months to comply before the rules are taken into effect.
The argument is that this action will safeguard and protect individuals who invest in crypto and restore confidence in this market. Although, it is unclear how this will be implemented in a decentralized blockchain.
We should be aware of the government's active efforts to regulate this industry and adjust accordingly. Stay safe and be honest, little baos!
Bao-Sized News
Made us Kek 😂
As always, let us know your thoughts on Twitter or in the Fortune Friend's Club Discord server!
–Bluejohn