Yuga Labs May Face a Potential Class-Action Lawsuit Over Apecoin and NFT Sales
According to the international law firm Scott+Scott’s website, there’s a possibility that the non-fungible token (NFT) company Yuga Labs may be threatened with a class action lawsuit for generally promoting “the growth prospects and change for huge returns on investment to unsuspecting investors.” Law Firm Seeks Investors Who “Suffered Losses” From Yuga Labs Products The law firm Scott+Scott details that the NFT company Yuga Labs is accused of using “celebrity promoters and endorsements to inflate the price of the company’s....
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Law firm Scott+Scott alleges that Yuga Labs promoted a chance at huge returns on investment to “unsuspecting investors.” A proposed class-action lawsuit alleges that Yuga Labs “inappropriately induced” the community to buy Bored Ape Yacht Club non-fungible tokens (NFTs) and the project’s affiliated ApeCoin (APE) token.The proposed class-action driven by law firm Scott+Scott was published on July 21, claiming that Yuga Labs used celebrity promoters and endorsements to “inflate the price” of the BAYC NFTs and the APE token.It also alleges that Yuga Labs promoted the growth prospects and....
ApeCoin will be distributed among owners of BAYC NFTs and is set to be used as the “primary token” in a new ecosystem of play-to-earn games from Yuga Labs and Animoca Brands. Owners of Bored Ape Yacht Club (BAYC) NFTs — including celeb holders like Eminem, Steph Curry, Jimmy Fallon and Mark Cuban — are set to receive a brand new token called ApeCoin (APE) as yet another incentive for being part of the exclusive digital asset club. The developer of the new token is the ApeCoin DAO and is notably separate from Yuga Labs. Introducing ApeCoin ($APE), a token for culture, gaming, and commerce....
ApeCoin DAO board member Yat Siu said that there is currently "no discussion" regarding an exclusive chain for APE. ApeCoin (APE) announced its integration with Ethereum (ETH) sidechain Polygon after the recent Yuga Labs’ Otherdeeds nonfungible token (NFT) minting incident that led to speculation on a new chain for APE.One of the world's largest Web3 ecosystems, @0xPolygon now supports ApeCoin making it available for 19,000+ dApps and games across the board! https://t.co/vUoGTAfqkl— ApeCoin (@apecoin) May 2, 2022 On Sunday, Yuga Labs, the creators of the Bored Ape Yacht Club NFT....
ApeCoin (APE) is trending to the downside as the U.S. Securities and Exchange Commission (SEC) announces an investigation against its parent company, Yuga Labs. The creators of popular non-fungible token (NFT) collections, including Bored Ape Yacht Club (BAYC), the regulator will look into a potential violation of their securities laws. Related Reading: Here’s Why SUSHI Is Down More Than 10% In The Last 24 Hours According to a report from Bloomberg, the Commission will investigate the “affinity” of the digital assets minted and promoted by Yuga Labs and the possibility that these NFTs are....
It’s been a busy March for Bored Ape Yacht Club creators Yuga Labs. After acquiring CryptoPunks and Meebits projects from Larva Labs in recent days, they are back for more, introducing a new token ‘ApeCoin’ this week. It’s Yuga Labs’ first token for Bored Ape Yacht Club, one of the most dominant names in the […]