{"id":138346,"date":"2023-09-02T04:00:58","date_gmt":"2023-09-01T22:30:58","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138346"},"modified":"2023-09-02T04:00:58","modified_gmt":"2023-09-01T22:30:58","slug":"sothebys-and-yuga-labs-respond-to-lawsuit-from-bored-ape-investors-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sothebys-and-yuga-labs-respond-to-lawsuit-from-bored-ape-investors-crypto-news\/","title":{"rendered":"Sotheby\u2019s and Yuga Labs respond to lawsuit from Bored Ape investors – Crypto News"},"content":{"rendered":"
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Fine arts auction house Sotheby\u2019s has recently been named in the class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against BAYC creators Yuga Labs. The investors allege that the auction house helped Yuga Labs \u201cdeceptively promote\u201d the nonfungible token (NFT)<\/a> collection.\u00a0<\/p>\n

On Dec. 10, 2022, BAYC investors filed a class-action lawsuit<\/a> against over 40 defendants, including Yuga Labs and celebrities like Post Malone, Justin Beiber and Paris Hilton. The lawsuit alleged that Yuga Labs and the celebrities were able to \u201cartificially increase\u201d the prices of the NFTs through celebrity promotions. <\/p>\n

In a new development, Sotheby\u2019s has been named in an amendment<\/a> to the lawsuit. On Sept. 10, 2021, Sotheby\u2019s auctioned 101 BAYC NFTs, which generated over $24 million<\/a> in sales. According to the plaintiffs, the broker\u2019s 2021 NFT auction allegedly helped make Yuga Labs look legitimate and misled investors. <\/p>\n

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#AuctionUpdate<\/a> 101 Bored Ape Yacht Club NFTs just sold for $24.4 million and 101 Bored Ape Kennel Club NFTs achieved $1.8 million in our Ape in! auction – the most significant #BAYC<\/a> sale to date. Congrats to all the apes out there pic.twitter.com\/e7UghlgtKy<\/a><\/p>\n

\u2014 Sotheby’s (@Sothebys) September 9, 2021<\/a><\/p><\/blockquote>\n

However, the auction house reportedly said<\/a> in a statement to mainstream media outlet CNN that the allegations are \u201cbaseless.\u201d Sotheby\u2019s also added that it is prepared to \u201cvigorously defend\u201d itself.<\/p>\n

In the same report, Yuga Labs also echoed Sotheby\u2019s sentiments. According to the BAYC creators, the new allegations are \u201cwithout merit or factual basis.\u201c The company also described the complaint as \u201copportunistic.\u201c<\/p>\n

Related: <\/em><\/strong>NFT-styled debit cards the future of Web3 \u2014 Animoca founder on $30M Hi investment<\/em><\/strong><\/a><\/p>\n

Meanwhile, another lawsuit involving Yuga Labs has been settled earlier this year. On Feb. 7, the NFT company settled a lawsuit against<\/a> a developer involved in the selling of a copycat NFT collection called RR\/BAYC. Yuga Labs and the developer Thomas Lehman agreed on a permanent injunction prohibiting the latter from using any similar BAYC imagery or operating social media pages that insinuate any association with Yuga Labs. <\/p>\n

Collect this article as an NFT<\/a><\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n

Magazine: <\/em><\/strong>Web3 Gamer: Earn Bitcoin in Minecraft, BGA\u2019s 50\/50 gender split, Oath of Peak hot take<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Fine arts auction house Sotheby\u2019s has recently been named in the class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against BAYC creators Yuga Labs. The investors allege that the auction house helped Yuga Labs \u201cdeceptively promote\u201d the nonfungible token (NFT) collection.\u00a0 On Dec. 10, 2022, BAYC investors filed a class-action lawsuit against over […]<\/p>\n","protected":false},"author":2,"featured_media":138347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-138346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138346"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138346\/revisions"}],"predecessor-version":[{"id":148116,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138346\/revisions\/148116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138347"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}