HomeFake news or factLaw Suit Befalls Yuga Labs For Using Inappropriate Promotional Tactics 

Law Suit Befalls Yuga Labs For Using Inappropriate Promotional Tactics 

Yuga Labs, a company behind the creation of the famous NFT Bored Ape Yacht Club, is on the verge of facing a lawsuit. A law firm Scott+Scott claimed that the company boosted crypto asset prices through inappropriate promotional tactics, resulting in losses to investors. One of the major tactics Yuga Labs adopted is celebrity endorsements to sell NFTs at higher prices. The law firm mentioned that they lured NFT investors to buy ApeCoin and non-fungible tokens.   

Top celebrities like influencer Paris Hilton, rapper Snoop Dogg, football star Tom Brady and many others endorsed the BAYC collection. Last year the highest selling price of BAYC artwork was $3.4million.   

The law firm has plans for a class-action lawsuit against the NFT company, which allegedly claimed high returns to investors. Well, the complainant is yet to submit an official report regarding the inappropriate promotion to federal court. The law firm Scott+Scott is searching for victims who lost their hard-earned money in Yuga’s NFT collections.   

It seems Yuga Labs is under evil spells as they were constantly in the news due to lawsuits. Earlier they sued an artist Ryder Ripps for trolling them and using company trademarks for creating and selling NFTs which are exact copies of bored apes. 

As far as the NFT market is concerned, market experts register a plunge because of the downturn in the crypto market. According to the Crypto.com report, the NFT sale was the lowest in July 2022. Furthermore, frauds and scams in the market served as the prime reason for the recent degrading NFT market.   

As a passionate content writer, she is always eager to explore new topics. Through her blogs on cryptocurrencies, blockchain technology and non-fungible tokens (NFTs), she intends to help newbies gain a better understanding of the crypto world.


Please enter your comment!
Please enter your name here


Bitcoin Price To Soar In Regulated Market: CFTC Chairman 

Bitcoin price is currently under the scanner of several speculative theories. With the changing cryptocurrency market situation, financial watchdogs come up with alluring and negative...

Best in Crypto Launches the Most Valuable and Comprehensive Industry Directory

Chicago, Oct. 1, 2022 – Best in Crypto enables crypto enthusiasts, investors, and entrepreneurs to explore and learn about beneficial crypto products and services. This...

US Lawmakers Prepare To Include Bitcoin In 401k Retirement Plans 

US lawmakers currently agreed to introduce crypto assets in the 401k retirement plan. The decision brought applause from the crypto community. Few opine that the...

Shemaroo Entertainment Will Now Offer Metaverse Cinema Experience 

Shemaroo Entertainment took the film fraternity and movie lovers by the awe with their announcement to open a metaverse theater in Decentraland. The company had...

Stay Connected

- Advertisement -

Similar articles

- Advertisement -