A Class Action Lawsuit against Yuga Labs has been Initiated
Late this week, it was announced that the Law firm Scott+Scott is now in the process of arranging a class-action suit against Yuga Labs. The reason why Yuga Labs may find itself on the other side of the courtroom is that they falsely promoted Bored Ape NFTs and ApeCoin, the collection’s native Ethereum token, as securities with guaranteed returns but which in reality plummeted in value over the last three months.
What is Yuga Labs?
Founded in 2021 by Wylie Aronow and Greg Solano, It is a blockchain technology company that develops NFTs and digital collectibles. it specializes in the fields of blockchain, cryptocurrency, and digital media. Most importantly, the company is best known for creating the world’s largest and most profitable NFT project to date, the Bored Ape Yacht Club (BAYC).
About Bored Ape Yacht Club (BAYC)
Commonly known as “Bored Apes,” Is an NFT project which has a collection of 10,000 Ethereum-based non-fungible tokens (NFTs) that launched in 2021. These Ape NFT caricatures feature various facial expressions, clothes, and unique elements which is why it is wildly popular in both the crypto community and wider online culture. before its popularity, the Bored Apes was being sold for only hundreds of USD, but now the said NFT can be sold for over a million USD.
Facts about Scott+Scott
Is an international law firm that is known for specializing in the investigation and prosecution of complex actions across the globe — recovering billions for our clients.
The Feud between Yuga Labs & Scott+Scott
Law firm Scott+Scott started acquiring Yuga-backed NFTs and tokens back in April up until June with the hopes of guaranteed returns which is also promoted by Yuga Labs. Unfortunately, instead of getting guaranteed returns, the law firm is suspecting that they may experience losses because the Ethereum token plummeted in value over the last three months.
Although the firm is already in the preliminary stage of seeking plaintiffs who also suffered losses in association with the purchase of Yuga-backed NFTs and tokens from April to June, they have not left a response yet regarding the said announcement.