Celebrity Promoters Sued Over Bored Ape NFT Endorsements

A proposed class action lawsuit against Jimmy Fallon, Gwyneth Paltrow, and Justin Bieber has been filed.

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According to the lawsuit, the celebrities tricked their fans into purchasing BAYC NFTs and other unregistered securities offered by Yuga Labs.

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"The truth is that the company's entire business model is based on using fake marketing and promotion from famous people."

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Madonna, Kevin Hart, Stephen Curry, Snoop Dogg, Serena Williams, Post Malone, The Weeknd, and Fallon's production company, Electric Hot Dogs, Inc., are all named in the lawsuit.

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in a show of the "Tonight Show," On November 11, 2021, Fallon promoted the Moonpay and BAYC NFT collections and said that they had received their first NFTs through a crypto firm.

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The suit says that in exchange for their endorsements, each of the Promoter Defendants got digital assets from Moonpay or Yuga Labs.

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Since launch, the number of BAYC NFTs that are traded has dropped by 93%. From its all-time high, the value of the ApeCoin token has also dropped by 90%.

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Kim Kardashian, Larry David, and Tom Brady are among the famous people who have been sued for fraud because they promoted cryptocurrency.

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A federal judge dismissed a complaint against Ethereum Max endorsers who allegedly mislead followers to buy EMAX tokens and sell them once.

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Judge Michael Fitzgerald of the U.S. District Court found that "investors need to know about their base." But it should still do a good job." Bet on what's going on at the time.

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