Justin Bieber, The Weeknd, Madonna, and Post Malone are among the artists, athletes, and celebrities named in a class action lawsuit against the creators of the Bored Ape Yacht Club NFTs.
“Defendants’ promotional campaign was wildly successful, generating billions of dollars in sales and re-sales,” the lawsuit states, “The manufactured celebrity endorsements and misleading promotions regarding the launch of an entire BAYC ecosystem were able to artificially increase the interest in and price of the BAYC NFTs during the Relevant Period, causing investors to purchase these losing investments at drastically inflated prices.
The class action lawsuit was filed in a California district court by lawyers for Adam Titcher and Adonis Real; the former claims they bought a pair of Yuga Labs NFTs, while the latter said they purchased Yuga Labs’ApeCoin under the pretense it would be needed to buy things in the greater BAYC “metaverse.”
The lawsuit also alleges that entertainment manager Guy Oseary formed a partnership with Yuga Labs to “leverage their vast network of A-list musicians, athletes, and celebrity clients,” with those celebrities discreetly paid for promotional work via the crypto firm MoonPay, which the lawsuit alleges is connected to Oseary’s Sound Ventures capital firm., and Madonna — the lawsuit claims they acted as “a promotor for the Company and solicited sales of Yuga securities to the public.
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