South Korea's non-fungible token (NFT) collection MetaKongz's price on OpenSea NFT market has dropped by more than 17% on average due to suspected internal issues such as hacking and disagreements among its executives.
In the last seven days, the average price of MetaKongz NFTs on OpenSea was 0.99 ETH, compared to a 90-day average price of 1.20 ETH last month. Prior to the issue, MetaKongz NFT prices averaged roughly 3.27 ETH in June.
Dissatisfied with project management and the spate of hackings, MetaKongz holders reportedly forced two chief executives to drop away from project management and asked Lee Doo-hee, chief technology officer (CTO) and locally well-known hacker, to take over as the project's sole supervisor.
Hwang Hyun-ki, Chief Operating Officer (COO), said on Twitter that Lee had purchased premium autos with corporate money.
Lee has recently indicated that he will purchase the project, while Hwang has decided to retire.
In April, the NFT project's Discord channel was hacked, resulting in the loss of 11.9 ETH by 79 investors.
MetaKongz is a profile photo (PFP) NFT collection that has risen in popularity among South Korean NFT lovers, working with big domestic corporations such as Hyundai Motor and Shinsegae Group.