Celebrities Face Lawsuit Over Bored Ape Yacht Club Promotions

Class-Action Lawsuit Targets Celebrities

A class-action lawsuit has been filed against 37 celebrities, including well-known musicians, TV personalities, and athletes, for allegedly engaging in misleading promotions of Bored Ape Yacht Club (BAYC) NFTs. The lawsuit, initiated by BAYC investors, accuses these celebrities of making false claims that led to significant financial losses.

Investors and Their Claims

The plaintiffs, Adam Titcher and Adonis Real, are both investors in BAYC products. Titcher invested in Mutant Ape #1984, initially purchasing it for 5.1 Ethereum (ETH). The value has since increased, reflecting a notable rise in Ethereum's market worth. Meanwhile, Real acquired an undisclosed amount of BAYC's native token, ApeCoin (APE), which reached its peak value before the Terra (LUNA) market crash.

Legal Proceedings and Defendants

The lawsuit is being handled by Scott+Scott Attorneys at Law LLP in the U.S. District Court for the Central District of California. This comes shortly after a previous lawsuit against EthereumMax (EMAX), involving prominent figures like Kim Kardashian and Floyd Mayweather Jr., was dismissed. This new legal action includes an array of high-profile defendants such as Madonna, Paris Hilton, Steph Curry, and Justin Bieber, among others.

Market Impact and Relevance

Despite ongoing legal challenges, Apecoin (APE) has shown resilience in the market. It recorded a 6.9% growth over the past week and a 33% gain over the month, defying the prevailing bear market conditions. The Bored Ape Yacht Club remains a significant force in the NFT market, contributing to the broader adoption of crypto and Web3 technologies.

Conclusion

The lawsuit highlights the growing scrutiny over celebrity endorsements in the crypto and NFT space. As legal battles unfold, the implications for investors and the future of NFT promotions remain critical to watch.