Paris Hilton, Jimmy Fallon, and several other celebrities were sued for endorsing the Bored Ape Yacht Club NFTs
Who can forget Paris Hilton and Jimmy Fallon’s embarrassing interview from earlier this year on The Nightly Show with Jimmy Fallon, during which they bragged about the Bored Ape NFTs?
The Tonight Show segment in question is currently a part of a class-action lawsuit brought against several celebrities who advertised Bored Ape Party NFTs with its parent business, Yuga Labs.
The two plaintiffs who filed the case contend that Yuga Labs engaged in a “scheme” with famous people including Justin Bieber, Fallon, Kevin Hart, Hilton, Madonna, as well as Snoop Dogg to artificially inflate the price of Bored Ape Yacht Club NFTs and defraud its investors who made investments.
On December 8, the lawsuit was submitted to the Los Angeles federal district court. The claimants are seeking a minimum of $5 million for both themselves and other impacted parties.
Stephen Curry, Post Malone, Serena Williams, as well as Gwyneth Paltrow are among the other famous people who have been mentioned in the case.
Other well-known individuals are named in the lawsuit as well, including Williams’ husband, Reddit developer Alex Ohanian, as well as Amy Wu, an investor who just departed FTX, Sam Bankman’s bankrupt cryptocurrency exchange.
Guy Oseary, the talent manager for musical icons like U2, Madonna, and others, stands out among the notable defendants in the lawsuit. Oseary oversees a number of famous people that are pushing Bored Ape NFTs in addition to being a shareholder in Yuga Labs. Oseary also owns stock in Moonpay, a cryptocurrency payment system that has handled NFT transactions for a number of celebrities as a concierge service.
And the core of the issue is the multi-level link that ties everything together. According to the plaintiffs, Yuga Labs paid celebrities Oseary had connections with to support Bored Ape NFTs using Moonpay. Then, without disclosing the deal, these celebs would go out and advertise Bored Ape NFTs to their existing followers. The complaint also mentions the Tonight Showpiece with Fallon as well as Hilton displaying the Bored Ape NFTs & discussing their motivations for doing so.
In a statement given to many media sites, a representative of Yuga Labs stated, “In our perspective, these accusations are parasitic and opportunistic.” “We are certain that they are lacking merit and are looking forward to demonstrating that.”
Critics have already drawn attention to the intimate connection between famous people, their talent agencies, and the investments made by these agents in the cryptocurrency businesses that their skills then enabled.
The previous crypto class action case was brought versus Tom Brady, Larry David, as well as Giselle Bündchen for their support of FTX last month.
The non-fungible token investment of Bored Ape Yacht Club NFT holders is presently significantly down. In April, a Bored Ape NFT’s floor price reached a high of almost $430,000. The Bored Ape NFT currently has a floor price of about $86,000.