BAYC Investors Sue Sotheby’s, Yuga Labs and MoonPay Alleging NFT Price Gouging and False Advertising

On August 18th, according to CNN, some investors are suing Sotheby's, Bored Ape Yacht Club (BAYC) creator Yuga Labs, and MoonPay, alleging that Sotheby's misleadingly promoted NFTs and colluded with Yuga Labs to artificially inflate their prices. These investors are also seeking a jury trial and demanding compensation of over $5 million.

Celebrities such as Justin Bieber and Paris Hilton have also been accused of promoting the NFT series without disclosing their financial ties. Sotheby's has stated that the allegations in this lawsuit are baseless and is prepared to vigorously defend itself.

In September 2021, Sotheby's sold over 100 NFTs to a buyer for more than $24 million in an online auction, exceeding the presale estimate of $12-18 million.

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