U.S. law firm preparing class proceedings against Yuga Labs


69
109 shares, 69 points


Scott+Scott, a US-based law firm, announced on the 21st that it is preparing a class action proceeding against Yuga Labs, a production studio that handles high-end NFT collections such as “Bored Ape Yacht Club (BAYC).”

 The firm claims that Yuga Labs has improperly solicited investors to buy NFTs (non-fungible tokens) and crypto assets (cryptocurrencies) A Bathing Ape (APE). The company says it is currently preparing to refund the losses caused by the purchase of NFT and the token.

Scott+Scott explained how he came to organize the proceedings in this case:

Yuga Labs management used celebrity promoters and nominations to raise prices for NFTs and tokens, generally advertising growth prospects and changes in huge investment returns to investors.

After selling millions of dollars of fraudulently advertised NFTs, he launched Ape Coin to raise more money from investors. Private investors peaked on April 28, 2010, as it became clear that he touted growth relied on promotion (which is different from actual utility and underlying technology). Let go of tokens that have fallen by more than 87% (price).

At the time of writing, Scott+Scott had not filed a formal complaint in federal court, and the website suffered losses related to Yuga Labs NFTs and tokens between April and June 2010. There is a statement recommending that investors contact the office.





Source link


Like it? Share with your friends!

69
109 shares, 69 points

What's Your Reaction?

hate hate
13
hate
confused confused
33
confused
fail fail
23
fail
fun fun
20
fun
geeky geeky
16
geeky
love love
6
love
lol lol
10
lol
omg omg
33
omg
win win
23
win
Daily List

0 Comments

Choose A Format
List
The Classic Internet Listicles
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Story
Formatted Text with Embeds and Visuals
Poll
Voting to make decisions or determine opinions