Sotheby's and Paris Hilton , Among Those Sued by Investors , As NFT Prices Collapse.
CNN reports that a group of investors has filed a lawsuit
against Sotheby's Holdings Inc. and others over a 2021 auction
of Bored Ape Yacht Club non-fungible tokens (NFTs).
CNN reports that a group of investors has filed a lawsuit
against Sotheby's Holdings Inc. and others over a 2021 auction
of Bored Ape Yacht Club non-fungible tokens (NFTs).
The news follows a collapse in value for
the celebrity-promoted collectibles. .
Four plaintiffs are reportedly named in the
class action lawsuit, which alleges that the auction house's
endorsement of the NFTs was purposefully misleading. .
Four plaintiffs are reportedly named in the
class action lawsuit, which alleges that the auction house's
endorsement of the NFTs was purposefully misleading. .
The lawsuit also accuses Sotheby's of colluding
with the NFTs' creator, Yuga Labs, in order
to artificially inflate the collectible's value.
CNN reports that Sotheby's is just one
of 30 defendants named in the filing. .
Justin Bieber and Paris Hilton are among celebrities
accused of promoting the NFT collection without
also disclosing their financial links to the company. .
Justin Bieber and Paris Hilton are among celebrities
accused of promoting the NFT collection without
also disclosing their financial links to the company. .
In May of 2022, the collectibles
were selling for at least $400,000.
According to CoinGecko, a cryptocurrency
market tracker, the NFT can now be
purchased for as little as $52,445. .
Sotheby’s representations that the
undisclosed buyer was a ‘traditional’
collector had misleadingly created
the impression that the market for
(Bored Ape Yacht Club) NFTs had
crossed over to a mainstream audience, Plaintiff's legal filing, via CNN.
Earlier this year, eight other celebrities were charged by
the Securities and Exchange Commission (SEC) for not
revealing that they were compensated to promote cryptocurrencies.
Earlier this year, eight other celebrities were charged by
the Securities and Exchange Commission (SEC) for not
revealing that they were compensated to promote cryptocurrencies
