Sotheby's called the allegations in the lawsuit baseless and noted that it is prepared to defend itself in court.
Bored Ape Investors Sue Yuga Labs, Sotheby’s, 28 Others as NFT Prices Plunge: ReportSotheby’s called the allegations in the lawsuit baseless and noted that it is prepared to defend itself in court.
A group of four investors who invested in the popular NFT collection Bored Ape Yacht Club 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.
Bieber and Hilton, on the other hand, were accused of promoting BAYC without revealing their financial benefits from the project. Hilton’s representatives allegedly faked interest inAdidas allegedly conspired to artificially inflate the NFT prices via a scheme, and MoonPay was accused of engaging in market manipulation.
“As a media and technology company, Yuga Labs has empowered strong communities of enthusiasts and entrepreneurs to innovate, connect, and build. Their creativity has fostered community-driven projects that have captured the imagination of people around the world. That’s the story worth telling,” the spokesperson said.
Sotheby’s called the allegations in the lawsuit baseless and revealed that it is prepared to defend itself in court.Meanwhile, the prices of BAYC NFTs, once at their peak during the 2021 hype, have plummeted significantly in the past year. At writing time, the collection had a floor price of 25 ether , down over 66% from a year ago, per
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Rooted in Deception:' 'Bored Ape' NFT Investors Sue Sotheby's Auction HouseInvestors who purchased Bored Ape Yacht Club NFTs at highly inflated prices during the 2021 NFT craze have filed a lawsuit against the Sotheby's auction house and other defendants, alleging deceptive practices. The Bored Ape co0llection, like most NFTs, have cratered in values in the years since the craze.
Read more »
JP Morgan says stocks in South Korea and India could 'surprise' investors in 2020As investors rotate out of bonds into equities, and out of growth stocks into value, J.P. Morgan says Korea is 'reasonably well-positioned.'
Read more »
Weekly outlook and review: Investors seek safety in the US DollarIt has not been the best of weeks for markets, with global equities well and truly hitting the ropes. In the US, major US equity indices and governmen
Read more »