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Yuga Labs

Yuga Labs And Various Celebrities Are Now Facing Lawsuits for BAYC NFT

Posted Wednesday, December 14, 2022 by
Sophia Cruz • 1 min read

Celebrities have been active in the NFT world recently and it has been hype ever since. Due to their influence, people are willing to pay hundreds of thousands of dollars for their unique NFT collections even if they’re just promoting them. For example, not long ago, Paris Hilton appeared on The Tonight Show with Jimmy Fallon and discussed their ‘Bored Ape Yacht Club (BAYC)’ NFTs.

These celebrities include Snoop Dogg, Madonna, Kevin Hart, Jimmy Fallon, Serena Williams, Steph Curry, and others. But why are these celebrities named in a lawsuit for promoting BAYC NFTs?

Bored Ape NFT (Yuga Labs) is a platform of unique digital collectibles on the Ethereum blockchain and Bored Ape Yacht Club NFT consists of thousands of these Bored Ape NFTs. Since its launch in 2021, many famous celebrities have purchased Bored Ape NFTs.

On Thursday, Scott+Scott Attorneys at Law LLP filed a class action lawsuit against Yuga Labs including various celebrities who owned and have promoted BAYC on behalf of plaintiffs Adam Titcher and Adonis Real. Some of the filed lawsuits include violations of unfair competition laws, civil conspiracy, and aiding and abetting. It also includes a wealth of evidence showing how Yuga Labs used MoonPay to compensate the people promoting the NFT collection.

The plaintiffs are now demanding a jury trial for these charges and requesting compensation to be given back to anyone who lost financial gain by purchasing NFTs and ApeCoin from April 23, 2021.

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