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LooksRare team cashes out $30M in WETH, faces community backlash

Published 02/15/2022, 08:55 AM
Updated 02/15/2022, 10:40 AM

LooksRare, a nonfungible token (NFT) marketplace touted to be the OpenSea killer, became the talk of the NFT world after the team behind the project cashed out millions in Ether (ETH).

The NFT marketplace confirmed that the core team has cashed out 10,500 WETH estimated to be worth $30 million from the unattributed staked native token LOOKS. The native token was used for paying fees on the platform and was also awarded to users when they sold their NFT on the platform. The unattributed LOOKS tokens were cashed out for Ether on the popular crypto mixing tool Tornado Cash.

Reported LooksRare Tornado Cash Address Source:EtherScan

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