Snoop Dogg, Justin Bieber Among Other Face BAYC Lawsuit December 10, 2022
Story: Mohd Javed
Dozens of celebs including Justin Bieber, Madonna, Snoop Dogg have been named in a class action lawsuit against Yuga Labs, the crypto startup behind the Bored Ape Yacht Club NFTs.
Jimmy Fallon, Gwyneth Paltrow, the Weeknd and Post Malone among others who have been sued in a class action suit that accused them of promoting BAYC NFT fraud.
These celebrities have also been named in a class action lawsuit against the creators of the BAYC NFTs.
They have been named as promotors of the NFTs for helping to artificially increase their value.
The suit, filed Thursday in Los Angeles federal court, alleges they were discreetly paid to misleadingly promote the value Yuga Financial Products.
According to the complaint, obtained by Rolling Stone, Yuga formed a partnership with entertainment manager Guy Oseary, who helped in leveraging their vast network of celebrity clients.
It had a market cap of US$11 billion at the start of the month, which had slumped to just US$4.9 billion as of Friday afternoon in Asia.