Whether you think that cryptocurrency or non-fungible tokens like (NFT’s) are the future of digital banking, or a massive Ponzi scheme, it looks like accountability it making a turn in the industry.
A huge lawsuit filed and aimed at some A-list heavy hitters like Madonna, Jimmy Fallon, Serena Williams, Steph Curry, Tom Brady, and more is making national headlines on your Tuesday.
According to Deadline, a new class action lawsuit filed in federal court is targeting those famous faces for over pushing Bored Ape Yacht Club NFT’s for “hidden payoffs.”
If you’ve wondered why some of these massive celebrity names are putting their umph behind these brands, it’s because they’re getting paid in crypto and other measures experts say.
Even if you aren’t familiar with NFT’s then you’ve seen them.
The lawsuit which was filed in U.S. District Court in California last Thursday by Adonis Real and Adam Titcher, states that the “defendants’ promotional campaigns were widely successful, generating billions of dollars in sales and re-sales.”
For us at The DC Patriot, the idea of people spending “billions of dollars” on overhyped JPEG and PNG files is not only depressing, its’ downright moronic.
“The manufactured celebrity endorsements and misleading promotions regarding the launch of an entire [Bored Ape Yacht Club or BAYC] ecosystem (the so-called Otherside metaverse) were able to artificially increase the interest in and price of the BAYC NFTs during the Relevant Period, causing investors to purchase these losing investments at drastically inflated prices.”
The lawsuit accuses the various defendants of using their respective platforms to publicly praise the BAYC NFTs and claiming to be customers themselves.
“The truth is that the Company’s entire business model relies on using insidious marketing and promotional activities from A-list celebrities that are highly compensated (without disclosing such), to increase demand of the Yuga securities by convincing potential retail investors that the price of these digital assets would appreciate,” the lawsuit claims.
Additionally the lawsuit claims that the celebrities “engaged in a plan, scheme, conspiracy, and course of conduct pursuant to which they knowingly or recklessly engaged in acts, transactions, practices, and courses of business that operated as a fraud and deceit upon Plaintiffs and the other members of the Class.”
That’s a nice way of saying they’re full of shit.
Put simply, the lawsuit is making the legal point that celebrities were promoting these NFTs without also disclosing how much they were being paid to do so.
“In truth, the Executive Defendants and Oseary used their connections to MoonPay and its service as a covert way to compensate the Promoter Defendants for their promotions of the BAYC NFTs without disclosing it to unsuspecting investors,” the lawsuit adds.
Celebrity music manager Guy Oseary, mentioned above, is tabbed as the mastermind of this entire scheme.
You can read more from our friends over at The Federalist Papers.
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