A Class-Action Lawsuit Regarding Apecoin and NFT Sales May Be Filed Against Yuga Labs

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Last Updated on July 25, 2022 by Bitfinsider

The NFT startup Yuga Labs is allegedly accused of employing “celebrity boosters and endorsements to increase the price of the company’s NFTs and token,” according to the law firm Scott+Scott. However, as of the day this article was published, there is no formal class-action litigation against Yuga Labs filed in the courts yet.

According to the Scott+Scott website, the company is looking for investors who “suffered losses in connection with the acquisition of Yuga Labs tokens or NFTs between April 2022 and June 2022.” APEcoin (APE), a cryptocurrency asset connected to the Otherside metaverse project and the Bored Ape Yacht Club (BAYC), is the token mentioned in the accusations made against Yuga Labs.

The Scott+Scott website claims: “After selling off millions of dollars of fraudulently promoted NFTs, Yuga Labs launched the Ape Coin to further fleece investors.” It also added that: “Once it was revealed that the touted growth was entirely dependent on continued promotion (as opposed to actual utility or underlying technology), retail investors were left with tokens that had lost over 87% from the inflated price high on April 28, 2022.” 

Six Different Crypto Cases Involve Scott+Scott, as Boutique Law Firms Flood the Blockchain Sector

In both Europe and the United States, the law firm Scott+Scott handles a wide range of difficult litigation and court cases. High-profile companies like Edison International, General Mills, Intuit, Roblox Corporation, Tesla, Transunion, and Twitter are parties in securities litigation that Scott+Scott is involved in.

According to the Scott+Scott website, the law firm is working on many “crypto issues.” Other cryptocurrency legal cases involve businesses and initiatives like Celsius, Ethermax, Safemoon, Terra, Solana Labs, and Yuga Labs. The last cryptocurrency case cited is Yuga Labs.

The latest tweet sent by Yuga Labs indicated a threat to the NFT community, but the company has not addressed the allegations found on Scott+Scott’s web portal.

Source: Twitter

Boutique law firms that specialize in complicated legal cases involving blockchain technology have become more prevalent in the cryptocurrency business over the past few years. Many of these law firms, including Scott+Scott, are taking on a lot of lawsuit cases involving cryptocurrencies and purportedly unregistered securities.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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