South Korea’s non-fungible token (NFT) collection MetaKongz’ price on OpenSea NFT exchange has fallen over 17% on average after alleged in-house problems such as hacking and differences among its executives.

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Fast facts

  • The price of MetaKongz NFTs on OpenSea in the last seven days was about 0.99 ETH on average, compared to a 90-day average price of 1.20 ETH last month. In June, prior to the controversy, the prices of MetaKongz NFTs averaged around 3.27 ETH.
  • Recently MetaKongz holders, dissatisfied with project management and the series of hacking, reportedly asked two chief executives to step down from operating the project and asked Lee Doo-hee, chief technology officer (CTO) and locally well-known hacker to take over as the sole supervisor of the project.
  • On Twitter, Chief Operating Officer (COO) Hwang Hyun-ki alleged that Lee had purchased upscale automobiles with corporate funds. 
  • Lee has since announced that he will acquire the project while Hwang decided to step down.
  • The NFT project’s Discord channel was hacked in April with 79 investors losing 11.9 ETH.
  • MetaKongz is a profile picture (PFP) NFT collection that has grown popular among NFT enthusiasts in South Korea — it has collaborated with major domestic companies such as Hyundai Motor and Shinsegae Group.
  • MetaKongz did not respond to Forkast’s request for comment.

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