Day: February 3, 2022

Bored Ape Yacht Club Creator Reportedly in Investment Talks With a16z

by Cryptobriefing

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Venture capital firm Andreessen Horowitz is rumored to be in investment talks with Yuga Labs, the team behind Bored Ape Yacht Club.

Investor Takes Interest in Bored Apes

Yuga Labs is rumored to be seeking investment from Andreessen Horowitz.

In an article from the Financial Times Thursday, undisclosed sources corroborated rumors that the Bored Ape Yacht Club creator is raising funds from venture capital firms. The sources stated that California-based Andreessen Horowitz is one of several companies looking to take a multi-million dollar stake in Yuga Labs. 



According to the same sources, Andreessen Horowitz’s investment would value Yuga Labs at between $4 and $5 billion. The same figure was cited in previous funding rumors circulated by influencer NFT Nick on The Nifty Alpha podcast almost a week prior. 

Andreessen Horowitz is one of the best performing venture capital firms in the U.S., and was an early investor in several top performing tech companies such as Facebook, Twitter, and Airbnb. However, more recently the firm has turned towards crypto investments, taking major stakes in crypto exchange Coinbase and NFT marketplace OpenSea.

The fact that the Bored Ape Yacht Club funding rumors have been published by a major publication adds credence to their authenticity; however, no official source has confirmed them at this time. Previous rumors from Twitter user rdm41 stating that Yuga Labs would offer a stake in the company through an APE token offering were not mentioned by the Financial Time’s sources. Whether Yuga Labs is looking to raise funds through a traditional equity offering or some other means remains to be seen.


Yuga Labs had not responded to Crypto Briefing’s request for comment at press time. 

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. 

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Jump Crypto replenishes funds from $320M Wormhole hack in largest-ever DeFi ‘bailout’

by Cointelegraph

On Thursday, Jump Crypto, a crypto venture capital firm that owns Certus One, the developer of the Wormhole token bridge, announced it had deposited 120 thousand Ether (ETH) into a Solana-Ethereum bridge that suffered a devastating exploit. The day prior, hackers fraudulently minted 120 thousand wrapped Ether (wETH) worth $321 million on the Solana (SOL) platform, then redeemed 93,750 wETH for ETH on the Ethereum network while swapping the rest for other altcoins on the Solana network.

The cross-chain ETH-wETH is supposed to have an exchange ratio of 1:1 against one another. Therefore, unauthorized minting of wETH leads to significant inflation, which can quickly degrade confidence in the underlying bridge. After the latest “bailout” by Jump Crypto and a patch fix, however, things appear to be back to normal, with Wormhole developers tweeting:

“All funds have been restored, and Wormhole is back up. ETH contract has been filled, and all wETH are backed 1:1.”

Many users quickly took to social media to thank Jump Crypto for the noble move, with @terrysoh87 writing:

Thank you so much. I know VC often gets hated on, but its times like this, everyone hopes VC saves the day. WAGMI [We are all going to make it]

But there also remains a glaring problem — the whereabouts of the “hacked funds” and whether or not the malicious actor who took them would face the consequences as to deter similar decentralized finance scams in the future. As these tokens were fraudulently minted and still exist in the ecosystem, it raises concerns about the fungibility of “hacked” ETH tokens as they are laundered into “clean” ETH. In addition, the minting of so many tokens could lead to temporary inflationary concerns. @dotstack (rhymer.stk) wrote: