A class-action lawsuit filed Thursday alleges that Madonna, Jimmy Fallon and Paris Hilton, among other celebrities promoting BAYC NFTs, were compensated for the promotions, without disclosing such transactions.

In a lawsuit filed in the U.S. District Court for the Central District of California, plaintiffs Adonis Real and Adam Titcher said they bought NFTs made by Yuga Labs, the parent company of the Bored Ape Yacht Club, among other NFTs after seeing influential celebrity endorsements. series, they claim they are part of a sprawling scheme to inflate the value of NFTs.

The complaint further alleges that Yuga Labs executives conspired with Hollywood talent manager Guy Oseary, representing Bored Apes, and cryptocurrency trading app MoonPay, to have celebrities promote BAYC NFTs while concealing that they were compensating those celebrities for their promotion.

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Filed under: Bitcoin - @ December 11, 2022 9:59 am