😱Is the Bored Ape Yacht Club a nazi group?

Author

Moe Hayek
June 21, 2022

What up, family, 👨‍👩‍👧‍👦

Seedphrase Daily here 👋. We hope everyone is enjoying NFT NYC! We’re here still working on giving you the best insight into what’s happening in NFTs and crypto.

Today’s estimated research time is 4 hours and 2 minutes condensed into a read time of 2 minutes and 34 seconds. Stay tuned to where we talk about:

  • 😱Is the Bored Ape Yacht Club a nazi group?

  • ⚠️WARNING! Is your money safe from private capital fleeing? 🤔

  • 🤬Hate protest against NFTs during NFT NYC

  • 🔥Hot NFT NYC events!

😱Is the Bored Ape Yacht Club a nazi group?

A video released by investigative YouTuber Philip Rusnack, known as 'Philion,' theorized that the BAYC employs racist imagery and supports white supremacists. Here's our summary;

  1. The BAYC logo looks strangely similar to the Nazi Waffen Totenkopf used by the SS Panzer Division in World War II. Both logos contain 18 teeth which neo-nazis and white supremist love alphanumeric code. The number 18 is a hate symbol representing the alphanumeric code for the initials of Adolf Hitler.

  2. The name Kali Yuga stems from Hinduism, which refers to an age of conflict or darkness.

  3. The Bored Ape #1488 is wearing a boogaloo boy Hawaiian shirt used to larp by 4Chan users. The number 14 is a neo-nazi whistle that directly refers to the white supremist slogan known as the 14 words, created by David lane: founder of a white supremacist terrorist group known as the 'The order.'

On the other hand, this could be a people reaching and making a campaign to lower the BAYC floor price! Maybe they were mad they bought the top.

The Youtuber also points people to Ryder Ripps, an infamous and recently launched RR/BAYC collection. The addition, along with the video's effusive praise of Ripps, has led some to question the video's intention. Indeed, some have painted it as a simple conspiracy, believing that the video is just using the timing of Ape Fest to draw attention to Ripps' NFT collection.

And in the past few days went from a floor price of 0.15Ξ to 1.36Ξ! Almost a 6x happening in 24 hours. Are the BAYC holders in trouble?

The contract above shows the royalties of RR/BAYC being set to 10%, but manually putting it to 0% on OpenSea, which he can change behind the scenes at a moment's notice.

He also owns 637 pieces of the collection while minting new ones (when writing this). Could he be up to something sketchy? No one has found any evidence whatsoever of any BAYC doxxed founders being connected to racism, white supremacy, or nazi groups in the real world.

This conspiracy has left the community wondering, do you think it's true?

⚠️WARNING! Is your money safe from private capital fleeing?🤔

With the market declining and fear being spread, we are seeing private capital fleeing companies and startups. As a result, private capital markets have begun to pull out of the crypto market.

Private capital, in short, is; pooled investor capital from high-net-worth individuals deployed to fund early-stage crypto projects. In return, these crypto VCs usually secure tokens for their investors or equity. Venture money is vital in a company's development to properly innovate and evolve.

Crypto companies were said to have raised around $1 billion weekly in the first quarter. This number has since dropped, and in 2022 has been one of the lowest so far this year at $350M.

The willingness of private capital markets to take a chance with crypto companies declined, leading to fewer funds raised with each funding round. Additionally, the valuations of crypto companies have reduced drastically with the bear market.

Proof?

BlockFi had held its previous funding round with a valuation of $3 billion back in March 2021. Fast forward a year later, it is now holding financing at a $1 billion valuation.

Along with private capital fleeing, loss of liquidity is forcing companies to freeze and, in some cases, close.

Celsius froze withdrawals on their platform over debilitating liquidity one week ago and say they need more time to recover financially. Investor anxiety unraveled as Celsius paused withdrawals and transfers on June 12, followed by hedge fund firm Three Arrows Capital facing potential insolvency.

Most crypto companies, including Coinbase, have faced liquidity issues this past week. And because of market sentiment, raising funds to keep things running is more challenging.

What will happen if an exchange goes bankrupt?🤓

Sadly, because the exchanges act as a centralized hub, they are the middleman between you and your crypto. Technically speaking, all your crypto in exchanges belong to them. Meaning if they leave, your money goes with them.

What does this mean for you?

Be careful! No one can predict the future of what companies will be in the next 10 years. We recommend taking all your crypto and putting it into a ledger. A ledger is a physical hard drive that stores private keys for cryptocurrencies offline. Doing this cuts out the middleman, and you control your money ultimately. So you only lose if the whole market goes to zero.😅

🔥 Hot NFT NYC events!

NFT NYC has officially begun! These are the hottest events :

Here is a list of ALL the events if you want to check it out. 😁

🤬Hate protest against NFTs during NFT NYC

A mob of protesters carrying signs such as "God Hates NFTs" and "Crypto Is a Sin," along with other anti-crypto slogans and shouting chants like "N-F-T! Not for me!"

After all the laughs and viral social media posts, Twitter user BobbyHundreds says this was a marketing campaign for his project Adam Bomb Squad. Is he a genius? There will be another protest today, so be on the lookout!

That’s a wrap! Do you really think the BAYC is connected to the Nazis? Make sure to follow us on Instagram and Twitter for more up to date content! Also, check out our NEW Youtube Video where we discuss hot topics and some potential calls if you’re too lazy to read :) Make sure you subscribe because at 1000 subscribers we are going to be giving away 1Ξ to a lucky person!

See you tomorrow ✌️ 💎

Meme of the Day

It be like that.

Disclaimer

None of this is financial advice. This newsletter is strictly educational and is not investment advice or solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research!

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