durr
The Sotheby's auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021. A Sotheby's auction duped investors by giving the Bored Ape NFTs "an air of legitimacy... to generate investors' interest and hype around the Bored Ape brand," the class-action lawsuit claims.
The boost to Bored Ape NFT prices provided by the auction "was rooted in deception," said the lawsuit filed in US District Court for the Central District of California. It wasn't revealed at the time of the auction that the buyer was the now-disgraced FTX, the lawsuit said.
Inshallah they will get nothing but the taste of my shoe
After the auction, the price of Bored Ape digital assets hit a new high and kept rising for months. It peaked at over $420,000 in April 2022 but plummeted to about $90,000 six weeks later, according to CoinGecko.
The class action lawsuit's named plaintiffs are Johnny Johnson, Ezra Boekweg, Mario Palombini, and Adam Titcher. They are trying to get certification of a class consisting of "all investors who purchased Yuga's non-fungible tokens ('NFTs') or ApeCoin tokens ('ApeCoin') between April 23, 2021 and the present." There were over 103,000 account holders of Yuga securities as of December 1, 2022, the lawsuit said.
"While the Executive Defendants made hundreds of millions of dollars, investors were left with NFTs worth a fraction of their artificially inflated value," the original version of the complaint in December said.
Good . I want to find and bully these people on twitter for being this dumb
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!trekkies
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There has to be some NFT apes on rdrama, there's way too many people here. Somebody has got to have taken the bait and bought some jpegs
!r-slurs show yourselves
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EtikaPunks are a great investment, child.
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I can't tell if I'm more confused that you think rdrama users are THAT dumb or if you think they're that rich (other than that one rich guy)
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ngmi
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I own an EtherRock that I bought for $800k~.
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I'm not r-slurred enough to know what that is, but hope that works out for you, fam.
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It's a pet rock on the blockchain. And it's going about as well as you would expect based on that.
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I remember a few people here shilling them back when they were more in the news.
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I've defended some aspects of crypto currencies, but never NFTs. Maybe there is some niche that isn't bullshit, but the well-known parts of the NFT ecosystem are completely indefensible.
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I can't believe that Sotheby's was selling NFTs lmao
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I can, those auction houses get in on any r-slurred bubble that happens.
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A fool and his money... You had to be actually r-slurred to buy this crap.
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I don't remember a single person talk about this Bored Ape shit who didn't say it was r-slurred. You couldn't possibly have had more warning.
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I know someone who is still buying new nfts. Not gonna end well for him![:marseychartdowntrend2: :marseychartdowntrend2:](https://i.rdrama.net/e/marseychartdowntrend2.webp)
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Snapshots:
archive.org
ghostarchive.org
archive.ph (click to archive)
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Accept the loss morons
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Imagine publically admitting to taking this big of a![:marseyl#: :marseyl#:](https://i.rdrama.net/e/marseyl.webp)
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I don't get how it's possible to sue someone for your own dumb decision. They did something r-slurred, and now they want the non-r-slurs to pay for that?
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I'm suing Ty because buying $300 in Beanie Babies has not yet allowed me to retire.
Don't forget to turn off signatures in settings!
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lmao but I thought this was the next blockchain or right-click image thing of the things and ownership and something something hahahahaahaha
Krayon sexually assaulted his sister.
![https://i.rdrama.net/images/17156480765435808.webp](https://i.rdrama.net/i/l.webp)
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Hey, they still own those pictures, they just don't own any money
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It's how you were going to buy houses and shit in the future!
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Still is, I just haven't incorporated and sold it to the government yet. Imagine firing every single person with a job remotely connected to title deeds
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I'll give you 2 apes and a Snoop NFT (for the realtor's fees ) in exchange for your house.
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I meant that ownership would be tracked through NFTs not that your worthless apes could be traded for a house.
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Scammed again by the lawyer pretending there's the slightest chance of a victory
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Hope the judge tells them they're fricking morons and dismissed.
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dear NFT idiots: you were r-slurred. so you lost. get fricked.
if this bullshit lawsuit makes it to court I'm gonna be livid
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Trans lives matter but nft investors don't
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