Yuga Labs is facing a potential class action lawsuit for allegedly using celebrity endorsement to pump the price of BAYC NFTs and the Apecoin token, leaving investors holding the bag when the markets crashed.
A proposed class-action lawsuit alleges that Yuga Labs “inappropriately induced” the community to buy Bored Ape Yacht Club non-fungible tokens and the project’s affiliated ApeCoin token.by law firm Scott+Scott was published on July 21, claiming that Yuga Labs used celebrity promoters and endorsements to “inflate the price” of the BAYC NFTs and the APE token.
“After selling off millions of dollars of fraudulently promoted NFTs, YUGA LABS launched the Ape Coin to further fleece investors.”
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