The NFT holder of the famous Non-Alternative Token (NFT) project "Board Ape Yacht Club (BAYC)" and the APE (Ape) coin investor issued by BAYC's manufacturer Yuga Labs have launched a class action lawsuit against Yuga Labs.
According to law firm Scott+Scott on the 21st (local time), BAYC NFT holders and APE coin investors are preparing a class action lawsuit against Yuga Labs through Scott+Scott. Scott + Scott argued that Yuga Labs did not grow based on technology or actual utility, but entirely relied on publicity to inflate NFT and coin prices to deceive investors.
Scott + Scott said, "Yuga Labs inflated the prices of NFT and coins through publicity such as using celebrities," and argued, "This publicity not only sold millions of dollars worth of NFT, but also released APE coins to rip investors off."
The number of plaintiffs who filed class action suits through Scott + Scott has not yet been disclosed. Scott+Scott is expected to expand the size of the lawsuit by recruiting additional holders who suffered losses from April to June 2022 due to BAYC·APE reserves. According to Scott + Scott, the owner of the APE Coin (which filed the class action) holds the coin with a loss of more than 87% compared to the high point on April 28.
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