Yuga Labs who created Bored Ape Yacht Club (BAYC) and the ApeCoin token may face a class action lawsuit regarding the marketing of ApeCoin.
Yuga Labs class action lawsuit
Yuga Labs may face a class action lawsuit. Several investors have complained that some of their ventures including ApeCoin had their prices artificially inflated with promotion from various celebrities. The investors lost money when the value of the ApeCoin token fell drastically after the initial promotion. Looking for justice, some of the investors have reached out to the law firm Scott and Scott attempting to possibly file a class action lawsuit against the crypto and NFT company.
Attorneys at Scott and Scott stated “After selling off millions of dollars of fraudulently promoted NFTs, Yuga Labs launched the ApeCoin to further fleece investors,” the attorneys stated.” They also added ““If you suffered losses in association with the purchase of Yuga Labs tokens or NFTs between April 2022 and June 2022, you are encouraged to reach out to Scott+Scott to learn more about your legal rights,”.
ApeCoin and Bored Ape Yacht Club (BAYC)
ApeCoin is the native token of the Bored Ape Yacht Club (One of the most expensive and popular NFT projects to date). ApeCoin rose to an all time high only 1 month after its initial launch reaching $27. At this time, the coin trades far from its all time high and around $5.50. ApeCoin will also be the native token inside Yuga Labs upcoming metaverse project “OtherSide” when it launches. The Bored Ape Yacht Club NFT project is also down significantly from last years prices and activity, however it did receive a boost from a recent Eminem and Snoop Dogg music video which featured both artists BAYC characters in the video.