With the fall in the value of digital assets, many consumers said they were cheated, especially because they bought products that celebrities also acquired. Recently, a class action lawsuit was filed against the stars who supported FTX. In the field of NFTs, there are also similar cases.
BAYC, the NFTs of discord?
Last Thursday, the Scott+Scott law firm filed a class action lawsuit in Los Angeles against dozens of celebrities. The company Yuga Labs, which issues the NFTs, its founders, members of the ApeDAO supervision team and the start-up providing crypto payment solutions, MoonPay are on the list. The complaint targets a total of 37 celebrities, including Snoop Dogg, Justin Bieber, The Weekend, Paris Hilton, etc. Indeed, they are accused of having illegally promoted the famous collection of NFT, Bored Ape Yacht Club (BAYC).
In the document, lawyers accuse Yuga Labs and MoonPay of secretly mobilizing celebrities to buy the collection. This, the document continues, stimulated the interest of the general public, who flocked to it, increasing the value of the collection. Guy Oseary, famous artist manager would have been approached by the founders of BAYC to mobilize celebrities around BAYC. MoonPay would have served as a platform for various payments between the parties involved in the case.
You should know that many of the celebrities named in the complaint have invested in MoonPay.
“Yuga Labs, Guy Oseary and MoonPay have devised an extensive scheme to leverage their network of musicians, athletes and celebrity customers and associates to promote and sell Yuga Labs products. It’s a fabricated endorsement of celebrities and BAYC’s deceptive NFT promotion. This celebrity endorsement prompted investors to buy losing investments at vastly inflated prices”. This is essentially what must be retained in the complaint document.
Technically, the celebrities whose names appear in the complaint also suffered losses. Recently, we learned that BAYC #3001, bought for $1.3 million by Justin Biebe, is now only worth $69,000.
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