Plaintiffs claim the crypto companies used Hollywood's network to promote digital assets sales without complying with disclosure requirements.
for allegedly using celebrities to misleadingly promote and sell nonfungible tokens .
Over 40 people and companies are named as defendants in the lawsuit, including Paris Hilton, Snoop Dog, Jimmy Fallon, Justin Bieber, Madonna, Serena Williams, Post Malone, and Diplo. The class-action was filed on Dec. 8 by John T. Jasnoch of Scott+Scott Attorneys at Law LLP in the Central District of California and claims the crypto companies used its Hollywood network to promote the digital assets without complying with disclosure requirements.
"This case epitomizes these concerns as it involves a vast scheme between a blockchain start-up company, Yuga Labs, Inc. , a highly connected Hollywood talent agent , and a front operation , who all united for the purpose of promoting and selling a suite of digital assets." According to the lawsuit, executives at Yuga Labs and Oseary created a plan to leverage a vast network of A-list musicians, athletes, and celebrity clients, aiming to bring to investors the perception of “joining the club” through Yuga’s flagship NFT collection.
"The exclusiveness of BAYC membership was entirely based on the inclusion and endorsements of highly influential celebrities. But this purported interest in, and endorsement of, the BAYC NFTs by high-profile taste makers was entirely manufactured by Oseary at the behest of the Executive Defendants.", alleges the suit.The two plaintiffs in the case Adonis Real and Adam Titcher purchased Yuga Labs NFTs collections between April 2021 to the present.
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