Justin Bieber & Steph Curry Among Those Sued For Promoting BAYC.
A number of major celebrities including pop star Justin Bieber and NBA star Steph Curry are being sued in a class-action lawsuit for their involvement with the Bored Ape Yacht Club NFT Collection.
On Thursday, a complaint was filed to the federal Central Disrict Court of California alleging that a slew of celebrities including Paris Hilton, Justin Bieber, Jimmy Fallon, Steph Curry, Snoop Dogg, Serena Williams, Post Malone, and a number of others were part of a “vast scheme” to inflate the value of the NFTs.
The suit claims that through the celebrities’ influential endorsements of the NFTs helped to pump the collections value, causing investors of the NFT collection to buy “losing investments at drastically inflated prices.”
There is a text of the class action lawsuit filed Dec 8th against Yuga Labs, which circulates on Twitter.
It has serious allegations.
Below a breakdown of this 95-page doc.
— jacksage.eth 🇵🇹🇵🇱 (@jacksage_NFT) December 10, 2022
“The truth is that the Company’s entire business model relies on using insidious marketing and promotional activities from A-list celebrities that are highly compensated (without disclosing such), to increase demand of the Yuga securities by convincing potential retail investors that the price of these digital assets would appreciate,” the complaint file reads.
The suit also alleges that many of the celebrity endorsers were hired by popular talent manager Guy Oseary, who then quietly worked with BAYC’s parent company Yuga Labs along with the crypto-trading app Moonpay to facilitate the scheme.
“Defendants’ promotional campaign was wildly successful, generating billions of dollars in sales and re-sales … The manufactured celebrity endorsements and misleading promotions … were able to artificially increase the interest in and price of the BAYC NFTs…, causing investors to purchase these losing investments at drastically inflated prices,” the complaint read.
Previous Lawsuit Against Celebrities
Just a few weeks ago, Steph Curry also faced similar accusations, along with some other major celebrities including Tom Brady, Naomi Osaka, Larry David, Kevin O’Leary and a number of others were also involved in another class-action lawsuit filed regarding their involvement with the collapsed crypto exchange FTX.
At the time of writing, this previous lawsuit has since been consolidated and transferred to another judge and the outcome of the suit has yet to be seen.