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Nettraz: I, too, have been dismayed to watch irregularities develop on the shiny black side of my Ashland Fox. Within a week of ownership, one of the sides developed a permanent bulge and curl even after I redistributed the wallet's contents.
It would be interesting to know how the teal-exteriored version fares over time.
This is what mine is looking like these days. You can see the folding near the center of the interior shot that looks similar to yours., but I've since reduced the number of cards I carry and it seems to have gotten better.
Also, there isn't any tearing. There's only wrinkling. The teal you see is the edge of the opposite side of the wallet.
I like the photos of your weathered teal version, though. The emergent black patina should alleviate people's worries about that color being too "flashy."
I now have the teal version of this wallet and have used it for a few months now. I kept the black wallet as an eventual replacement for the teal one, but what's interesting is that the second wallet doesn't exhibit the same defects as the first. The wrinkled edge was always apparent in the black wallet but became worse after about a week. No such defect has appeared on my teal wallet even though the contents are the same.
All of which confirms that my first wallet had manufacturing defects. I found it slightly disappointing that Ashland didn't address this but still ordered another wallet.
I'll add some pictures to this post later, but that might take another week because my first concern is transferring data and saves to my replacement phone before sending the old one back.