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Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment

https://arstechnica.com/tech-policy/2023/08/buyers-of-bored-ape-nfts-sue-after-digital-apes-turn-out-to-be-bad-investment

:marseymocking: 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 :marseymonke:. I want to find and bully these people on twitter for being this dumb


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93
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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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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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>he didn't buy a thousand different shitcoin NFTs hoping they would moon

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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EtikaPunks are a great investment, child.

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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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