The Bored Ape Yacht Club creators took in $300 million for their digital land NFTs, crashing the ethereum network as demand surged
Business InsiderAPR 2022
Like so much that passes for "innovation" in the decentralized finance (DeFi) economy, the "creators" and innovators themselves often make out like bandits while everyone else is left to suffer the consequences for their self-interest and short-sightedness.
Web3 and DeFi projects show enormous potential to revolutionize the economy. These kinds of "flash crashes" are nothing more than hiccups. In fact, users are already proposing new solutions to prevent these growing pains from happening again.
There's zero accountability when these DeFi ventures stumble or fail. The anonymous "founders" can simply apologize and then point to the decentralized autonomous organization (DAO) to fix the problem. That's exactly what happened here: the founders asked the DAO to consider migrating ApeCoin to its own chain.