A group of four investors who invested in the popular NFT collection Bored Ape Yacht Club (BAYC) has filed a class action suit against the project’s creator, Yuga Labs, and 29 other companies for misleadingly promoting the collectibles as their prices continue to tumble.
According to a CNN report, other defendants mentioned in the lawsuit include art auction corporation Sotheby’s Holdings, sportswear giant Adidas, crypto payments firm MoonPay, and celebrities like Canadian singer Justin Bieber and American media personality Paris Hilton.
BAYC Investors Sue Yuga Labs and Others
The plaintiffs accused Sotheby’s of conniving with Yuga Labs to artificially inflate the prices of the BAYC NFTs. They described Sotheby’s 2021 sale of 100 collectibles to a single buyer for over $24 million as deceptive, arguing that Yuga Labs had recruited the auction house to ramp up hype and investors’ interest in the collection.
Bieber and Hilton, on the other hand, were accused of promoting BAYC w
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