{"id":524676,"date":"2022-12-10T19:09:48","date_gmt":"2022-12-10T16:09:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/yuga-labs-moonpay-faces-lawsuit-over-celebrities-nft-promotion\/"},"modified":"2022-12-10T19:09:48","modified_gmt":"2022-12-10T16:09:48","slug":"yuga-labs-moonpay-faces-lawsuit-over-celebrities-nft-promotion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/yuga-labs-moonpay-faces-lawsuit-over-celebrities-nft-promotion\/","title":{"rendered":"# Yuga Labs, Moonpay faces lawsuit over celebrities NFT promotion"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bc23d382d0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bc23d382d0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/yuga-labs-moonpay-faces-lawsuit-over-celebrities-nft-promotion\/#%E2%80%9D_Yuga_Labs_Moonpay_faces_lawsuit_over_celebrities_NFT_promotion_%E2%80%9C\" >&#8221; Yuga Labs, Moonpay faces lawsuit over celebrities NFT promotion  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Yuga_Labs_Moonpay_faces_lawsuit_over_celebrities_NFT_promotion_%E2%80%9C\"><\/span>&#8221; Yuga Labs, Moonpay faces lawsuit over celebrities NFT promotion  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvY2YxYjRiZGEtZWIxZS00MTY5LTgwNzQtMjNlNGQ5ZGYwZTc2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>Yuga Labs, creators of Bored Ape Yacht Club (BAYC) and crypto fintech Moonpay are <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/deadline.com\/wp-content\/uploads\/2022\/12\/CELEBS-NFT-SUIT.pdf\">facing a class-action lawsuit<\/a> for allegedly using celebrities to misleadingly promote and sell nonfungible tokens (NFTs).\u00a0<\/p>\n<p>Over 40 people and companies are named as defendants in the lawsuit, including Paris Hilton, Snoop Dog, Jimmy Fallon, Justin Bieber, Madonna, Serena Williams, Post Malone, and Diplo. The class-action was filed on Dec. 8 by John T. Jasnoch of Scott+Scott Attorneys at Law LLP in the Central District of California and claims the crypto companies used its Hollywood network to promote the digital assets without complying with disclosure requirements. The document states:<\/p>\n<blockquote><p>&#8220;This case epitomizes these concerns as it involves a vast scheme between a blockchain start-up company, Yuga Labs, Inc. (\u201cYuga\u201d), a highly connected Hollywood talent agent (Defendant Guy Oseary), and a front operation (MoonPay), who all united for the purpose of promoting and selling a suite of digital assets.&#8221;<\/p><\/blockquote>\n<p>According to the lawsuit, executives at Yuga Labs and Oseary created a plan to leverage a vast network of A-list musicians, athletes, and celebrity clients, aiming to bring to investors the perception of \u201cjoining the club\u201d through Yuga\u2019s flagship NFT collection.<\/p>\n<p>&#8220;The exclusiveness of BAYC membership was entirely based on the inclusion and endorsements of highly influential celebrities. But this purported interest in, and endorsement of, the BAYC NFTs by high-profile taste makers was entirely manufactured by Oseary at the behest of the Executive Defendants.&#8221;, alleges the suit. <\/p>\n<p><em><strong>Related: Yuga Labs acquires Beeple\u2019s 10KTF <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>, hints at metaverse integration<\/strong><\/em><\/p>\n<p>The two plaintiffs in the case Adonis Real and Adam Titcher purchased Yuga Labs NFTs collections between April 2021 to the present. The class-action also refers to a previously United States Securities and Exchange Commission (SEC) statement about celebrities endorsements, claiming &#8220;these endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement.&#8221;<\/p>\n<p>As reported by Cointelegraph, the class-action was first proposed in July, when the law firm Scott+Scott claimed Yuga Labs used celebrity endorsements to &#8220;inflate the price&#8221; of the BAYC NFTs and the APE (APE) token, attempting to identify harmed investors.<\/p>\n<p>Yuga Labs is also part of a wider investigation into the NFT market by U.S. regulators. Reports show the SEC is investigating Yuga Labs over whether certain NFTs are \u201cmore akin to stocks\u201d and whether their sale violates federal laws.<\/p>\n<p><em>Yuga Labs and Moonpay did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely respond to Cointelegraphs&#8217; requests for comments.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/yuga-labs-moonpay-faces-lawsuit-over-celebrities-nft-promotion\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Yuga Labs, Moonpay faces lawsuit over celebrities NFT promotion &#8220; Yuga Labs, creators of Bored Ape Yacht Club (BAYC) and crypto fintech Moonpay are facing a class-action lawsuit for allegedly using celebrities to misleadingly promote and sell nonfungible tokens (NFTs).\u00a0 Over 40 people and companies are named as defendants in the lawsuit, including Paris&#8230;<\/p>\n","protected":false},"author":1,"featured_media":524677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/cf1b4bda-eb1e-4169-8074-23e4d9df0e76.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79786,95118,117,55229],"class_list":["post-524676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-digital-asset","tag-nft","tag-business","tag-law"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/524676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=524676"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/524676\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/524677"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=524676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=524676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=524676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}