Lawsuit Filed Alleging Yuga Labs of Promoting BAYC NFTs With Celebs
A lawsuit was filed in the Central District of California of the United States District Court.
It describes an extensive claimed plan, hatched by the elite of Hollywood.
Celebrities like as Justin Bieber, Madonna, Steph Curry, and Paris Hilton are being accused in a class action complaint filed on Thursday of breaking the law by promoting Bored Ape Yacht Club (BAYC) NFTs without disclosing their financial links to Yuga Labs.
Yesterday, a lawsuit was filed in the Central District of California of the United States District Court, naming no less than 37 defendants, including prominent celebrities, and corporate heavyweights. The cryptocurrency payments firm MoonPay is also called out for its apparent role in orchestrating these recommendations.
Covertly Benefitting Scheme
It describes an extensive claimed plan, hatched by the elite of Hollywood, to increase the value of Bored Apes by a flood of celebrity advertising, while covertly benefiting everybody involved through a clandestine payments system laundered through a major crypto business.
The action claims that Guy Oseary, Madonna’s longtime representative and Yuga’s talent manager, covertly paid his celebrity clientele via MoonPay to promote Yuga’s items, notably Bored Ape NFTs. Oseary, who is also a defendant in the lawsuit, was an early investor in MoonPay.
Defendants in the lawsuit such as Justin Bieber, Stephen Curry, Paris Hilton, Kevin Hart, Jimmy Fallon, and Gwyneth Paltrow are investors in MoonPay, a payments company that has seen its valuation rise to $3.4 billion. In 2021, the company rose to notoriety thanks to its “white-glove” service, which let A-listers buy expensive NFTs.
The lawsuit filed on Thursday alleges that MoonPay was in fact a “front operation” that let Yuga Labs, the $4 billion corporation behind the Bored Ape Yacht Club, pay celebrities to promote their NFTs without having them publicly disclose their financial gain.
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Filed under: Bitcoin - @ December 10, 2022 8:01 am