Justin Bieber, Madonna, and Paris Hilton Faces Lawsuit for Promoting Bored Ape NFTs December 12, 2022 December 12, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsDecember 12, 2022 by Kelly Cromley

Justin Bieber, Madonna, and Paris Hilton Faces Lawsuit for Promoting Bored Ape NFTs

The complaint claims that these celebs infringed both state and federal regulations by not revealing their past affiliation with Yuga Labs before marketing the Bored Ape Yacht Club NFT series. The lawsuit was lodged in the Central District of California of the U.S. District Court and lists 37 co-defendants, many of whom are famous personalities. The 100-page petition alleges that these celebrities hatched a complex plot to boost the price of Bored Ape NFTs.

“The officials at Yuga and Oseary created a scheme to market and sell Yuga Financial Products in a deceptive manner by leveraging their large network of A-list singers, sports, and celebrity customers and allies,” the complaint states.

It is alleged that talent manager Guy Oseary, who represented both Madonna and Yuga Labs, exploited his connections to promote Yuga Labs goods in return for financial compensation. The complaint contends that MoonPay was used to transmit these hidden payments to Oseary. The complaint alleges that MoonPay was employed as a cover by Yuga Labs to surreptitiously pay numerous celebrities.

“MoonPay purports to be a white-glove solution meant to assist the ultra-wealthy and celebrities in purchasing NFTs ‘without the effort of establishing a wallet, purchasing crypto, utilising that coin to acquire an NFT, and then taking possession of it.’ “In actuality, the executive defendants and Oseary exploited their links to MoonPay and its services as a clandestine method to reward the Promoter Defendants for their marketing of the BAYC NFTs without informing unwitting investors,” the complaint states.

When contacted for response, Yuga Labs refuted the charges vehemently. Regarding the case, a spokesman said to Decrypt, “We consider these accusations as greedy and predatory.” “We have a strong conviction that they are lacking merit and are ready to expose it.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.