The company behind Bored Ape Yacht Club NFTs is being sued for using celebrities to promote their products | Business Insider

Celebrities including Williams, Bieber, and Madonna are named in the lawsuit against the company behind Bored Ape Yacht Club.The firm behind Bored Ape Yacht Club NFTs is being sued in the USA for not disclosing celebrities' involvement.Celebrities named include Justin Bieber, Serena Williams, Madonna, and Gwyneth Paltrow.

The complaint alleged that"billions of dollars" were generated in sales and re-sales through manufactured celebrity endorsements and misleading promotions, and"at no point did any of the defendants register these securities with the SEC." The exclusivity, according to the lawsuit, was"entirely manufactured" by Guy Oseary, a Hollywood talent agent, YugoLabs executives, and a front operation"MoonPay," to promote and sell digital assets. MoonPay is a platform that facilitates the purchase and sale of cryptocurrencies.

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