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Celebrities like Jimmy Fallon and Justin Bieber have been sued for promoting NFTs under the scam

Celebrities like Jimmy Fallon and Justin Bieber have been sued for promoting NFTs under the scam

Different celebrities like Jimmy Fallon, Justin Bieber or Gwyneth Paltrow have been sued for promotion NFTs “Fraud” from the famous Bored Ape Yacht Club collection.

According to the class action lawsuit, the artists deceived their fans into purchasing the company’s collections. Yoga Labs to rapidly increase their values, which led to new users buying at “grossly inflated prices”.

Speculate in NFTs

The lawsuit includes Madonna, Kevin Hart, Stephen Curry, Snoop Dogg, Serena Williams, Post Malone, The Weeknd, Fallons’ production company Electric Hot Dog, Inc., and Universal Television, among others.

They were all said to have been recruited by talent manager Guy Oseary, who helmed a scheme with Yoga Labs to pay them “discreetly” for their approvals through a cryptocurrency company called Moonbay.

With the publicity done by the celebrities, the collections were in high demand NFTs From yoga labs, But also from investments in Moonpay.

in a loop The Tonight Show On November 11, 2021, Fallon is promoted Moonbay And BAYC Group announces that it has acquired the first NFTs via the cryptocurrency company, which bills itself as a white glove service designed to help celebrities purchase digital goods. Energetic. He did not disclose that he has a financial stake in the company Moonbay.

To publicize the artists, the artists were given digital assets. For example, Bieber received $1.3 million BAYC when it was made for an allegedly fraudulent Instagram post that he claimed he bought with his own money.

values ​​drop

From promotion to date, the transaction volume of groups NFTs From yoga labs, The famous boring monkey is down 93%. Their purchase value also decreased by 90%.

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“In our opinion, these claims are opportunistic and parasitic,” a company spokesperson said. Yoga Labs It’s a statement. “We firmly believe they have no advantage and look forward to proving it.”

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