Skip to main content

Yuga Labs May Face a Potential Class-Action Lawsuit Over Apecoin and NFT Sales

Yuga Labs May Face a Potential Class-Action Lawsuit Over Apecoin and NFT Sales

According to the international law firm Scott+Scott’s website, there’s a possibility that the non-fungible token (NFT) company Yuga Labs may be threatened with a class action lawsuit for generally promoting “the growth prospects and change for huge returns on investment to unsuspecting investors.”

Law Firm Seeks Investors Who “Suffered Losses” From Yuga Labs Products

The law firm Scott+Scott details that the NFT company Yuga Labs is accused of using “celebrity promoters and endorsements to inflate the price of the company’s NFTs and token.” However, at the time of writing, current court records show no official class-action case against Yuga Labs has been filed.

Scott+Scott’s website says the firm is currently seeking investors who “suffered losses in association with the purchase of Yuga Labs tokens or NFTs between April 2022 and June 2022.” The token named in the accusations against Yuga Labs is apecoin (APE), a crypto asset associated with the Bored Ape Yacht Club (BAYC) and Otherside metaverse project.

“After selling off millions of dollars of fraudulently promoted NFTs, Yuga Labs launched the Ape Coin to further fleece investors,” the Scott+Scott web page says. “Once it was revealed that the touted growth was entirely dependent on continued promotion (as opposed to actual utility or underlying technology) retail investors were left with tokens that had lost over 87% from the inflated price high on April 28, 2022.” The law firm’s website adds:

As a result, Yuga Labs’ individual investors are now joining together through a class action brought by law firm Scott+Scott, to seek restitution for losses incurred from the purchase of Yuga Labs tokens and NFTs. If you suffered losses in association with the purchase of Yuga Labs tokens or NFTs between April 2022 and June 2022 you are encouraged to reach out to Scott+Scott to learn more about your legal rights.

Scott+Scott Is Involved in 6 Different Crypto Cases — Boutique Law Firms Flock to the Blockchain Industry

The law firm Scott+Scott covers a lot of different legal proceedings and complex litigation in Europe and the United States. Scott+Scott is involved in securities litigation that involves high-profile names like Edison International, General Mills, Intuit, Roblox Corporation, Tesla, Transunion, and Twitter.

Scott+Scott’s website notes that the legal firm is involved with a number of “crypto cases.” Other crypto legal matters involve crypto companies and projects like Celsius, Ethermax, Safemoon, Solana Labs, Terra, and the final crypto case listed is Yuga Labs.

Yuga Labs has not mentioned the accusations stemming from Scott+Scott’s web portal and the last tweet the company made discussed a threat to the NFT community. “Our security team has been tracking a persistent threat group that targets the NFT community,” Yuga Labs tweeted on July 18, 2022. “We believe that they may soon be launching a coordinated attack targeting multiple communities via compromised social media accounts. Please be vigilant and stay safe.”

During the last few years, boutique law firms focusing on complex legal matters that involve blockchain technology have been more prominent in the crypto industry. Like Scott+Scott, a number of these law firms are taking on a lot of litigation matters that involve cryptocurrencies and alleged unregistered securities.

Roche Freedman LLP is another firm that has a variety of crypto cases under the law firm’s wing, and the partners Kyle Roche and Devin “Velvel” Freedman are well known for the court case that involved Craig Wright. Similar to Scott+Scott, Roche Freedman is also involved in a case that’s been filed against the bankrupt crypto lender Celsius.

What do you think about Yuga Labs facing a potential lawsuit over apecoin and BAYC NFTs? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/XYpCVWn
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more