Celebrity Promoters Sued Over Bored Ape NFT Endorsements

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

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

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

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.

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.

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

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%.

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

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

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.