Yuga Labs’ First Bitcoin NFT Yields 735 BTC

Published Mar 7, 2023
By Qredo Team

Yuga Labs' debut non-fungible token (NFT) collection has concluded its auction, generating $16.5 million in a mere 24-hour period. The collection, named “TwelveHold”, features 288 Bitcoin NFTs awarded to 288 of the highest bidders. Yuga has assured that successful bidders will receive their NFT within a week, while unsuccessful bidders will be refunded their bid amount within the next day.

According to a report by market research firm Kaiko published on Monday, the closure of Silvergate Capital's instant settlement service SEN, which was favored by large investors, will increase the importance of stablecoins and their creators in cryptocurrency trading. Silvergate is a crucial banking ally to various digital asset companies, and its SEN platform has been extensively utilized by institutional investors to transfer funds to crypto exchanges. However, due to the bank's delay in submitting its yearly report and the possibility of regulatory scrutiny, many companies, including Coinbase, Circle and Paxos have halted transfers and operations with Silvergate.

According to court records, the group of experts handling the FTX bankruptcy case charged a total of $38 million plus expenses for their services during January. The bankruptcy administrators have enlisted Sullivan & Cromwell as their legal representation, along with Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb, who will serve as special counsel throughout the proceedings. AlixPartners, a consulting firm, was also hired to conduct a forensic examination of DeFi assets and tokens owned by FTX.

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