According to the website of international law firm Scott + Scott, there is a possibility that Yuga Labs’ non-fungible token (NFT) could be threatened by a class action lawsuit in order to generally promote “the prospects for growth and change in order to deliver huge returns on investment to unsuspecting investors.” “
Law firm is looking for investors who have “incurred losses” from Yuga Labs products
law firm Scott + Scott Details that NFT affiliate Yuga Labs is accused of using “celebrity promoters and endorsements to inflate the price of the company’s NFTs and tokens.” However, at the time of writing, current court records do not show any formal class action against Yoga Labs has been submitted.
The Scott + Scott website says the company is currently looking for investors who “incurred losses associated with the purchase of Yuga Labs or NFT tokens between April 2022 and June 2022.” The symbol named in the accusations against Yuga Labs is Apcoin (APE)which is a cipher origin associated with Boredom Monkey Yacht Club (BAYC) and the Otheride metaverse project.
“After selling millions of dollars in fraudulently promoted NFTs, Yuga Labs launched Ape Coin to further corrupt investors,” Scott + Scott web page Says. “Once it was revealed that the tokenized growth was based entirely on continued promotion (as opposed to actual utility or underlying technology), retail investors were left with tokens that lost more than 87% of the inflated price hike on April 28, 2022.” The law firm’s website adds:
As a result, individual Yuga Labs investors are now joining together through a class action lawsuit brought by the law firm Scott + Scott, to seek compensation for losses incurred from the purchase of Yuga Labs tokens and NFTs. If you experienced losses related to the purchase of Yuga Labs or NFT tokens between April 2022 and June 2022, we encourage you to contact Scott + Scott to learn more about your legal rights.
Scott + Scott has been involved in 6 different crypto issues – boutique law firms are flocking to the Blockchain Industry
Scott + Scott law firm covers many different legal procedures and complex litigation in Europe and the United States. Scott + Scott is involved in securities-related lawsuits involving notable names such as Edison International, General Mills, Intuit, Roblox Corporation, Tesla, Transunion and Twitter.
The Scott + Scott website notes that the law firm is involved in a number of “crypto issues”. other encryption Legal issues Engaging crypto companies and projects like CelsiusEthermax, Safemoon, Solana Labs, TeraThe final state of the listed cryptocurrency is Yuga Labs.
Yuga Labs did not mention the accusations emanating from Scott + Scott’s web portal and the company’s latest tweet discussing a threat to the NFT community. “Our security team has been tracking a range of persistent threats targeting the NFT community,” Yuga Labs chirp on July 18, 2022. “We believe they may soon launch a coordinated attack targeting multiple communities via the hacked social media accounts. Please be vigilant and stay safe.”
Over the past few years, boutique law firms have been focusing on complex legal issues involving blockchain technology more prominent in the crypto industry. Like Scott + Scott, a number of these law firms handle a lot of litigation cases involving cryptocurrency and alleged unregistered securities.
Roche Friedman LLP Is another firm that has a variety of crypto cases under the law firm’s wing, and co-owners Kyle Roche and Devin “Velville” Friedman are well known for the court case involving Craig Wright. Similar to Scott + Scott, Roch Friedman is also involved in a lawsuit brought against bankrupt crypto lender Celsius.
What do you think about Yuga Labs facing a potential lawsuit over apecoin and BAYC NFTs? Tell us what you think about it in the comments section below.
photo credits: Shutterstock, Pixabay, Wiki Commons, BAYC NFTs
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