Bieber, Madonna Among Dozens of Celebs Named in Lawsuit Alleging Yuga Labs NFT 'Scheme'

[ph1l]

https://finance.yahoo.com/news/bieber-madonna-among-dozens-celebs-221930682.html

Fri, December 9, 2022 at 4:19 PM

A number of celebrities, including Justin Beiber, Paris Hilton, Jimmy Fallon and Madonna, among others, were named as plaintiffs in a class-action lawsuit, alleging that Yuga Labs non-fungible tokens (NFT) collections were "misleadingly promoted" and resulted in financial damage to the defendants.
...
Titcher purchased Mutant Ape Yacht Club #1984 in August 2021 for 5.3 ETH (about $17,000 at the time) and minted Otherdeed for Otherside #16235 on OpenSea in April, while Adonis purchased an undisclosed amount of ApeCoin on Coinbase. According to the filing, both men purchased the assets "in reliance on the misleading promotions" from Yuga Labs and a number of celebrities, resulting in "investment losses."

Plaintiff Adam Titcher bought the mutant ape for 5.3 ETH on August 28, 2021, minted the Otherdeed later, and there a current offers for 13.906 + 1.246 == 15.152 WETH (equivalent to ETH). This is a compound annual growth rate of about 126.61%.

So the damages are the value almost tripled in less than 1.5 years, and that's not enough? Can someone explain how this lawsuit could succeed?

 

[Pekelo]

The damages are that the value collapsed 95% in the last 8-10 months.

Nah, just kidding there was no value in NFTs ever.

Anyhow, the base of the lawsuit is that they are supposed to acknowledge when they are paid for promoting anything, be it NFT, ponzi, pyramid scheme.

 

[virtusa]

So the damages are the value almost tripled in less than 1.5 years, and that's not enough? Can someone explain how this lawsuit could succeed?

It is funny to see how many people still get caught in new scams.

The mutant ape was 5.3 ETH on August 28, 2021, best offer is 13.906 ETH.
I read this like:
The mutant ape was $17,000 on August 28, 2021, best offer is $17,552.29.
This is a NOT AT ALL a compound annual growth rate of about 126.61%.
$552.29 in 15 months is far less.

 

[The_Krakenite]

they are supposed to acknowledge when they are paid for promoting anything

What?! You mean, actors are supposed to be paid when making movies too? I thought this was all a free-service they did for the silver screen! Those sneaky bitches, I hope they get sued! Damn Hollywood is full of shysters... how they have pulled the wool over our eyes.

 

[ph1l]

Anyhow, the base of the lawsuit is that they are supposed to acknowledge when they are paid for promoting anything, be it NFT, ponzi, pyramid scheme.

I guess one could argue that an endorsement from Justin Bieber damaged Canada's reputation for manly men, but that would require a lawsuit filed in Canada.

But Adam Titcher would have to prove he was damaged, and the "value" of his investment increased a lot in the monetary unit of how it was purchased (not USD, S&H Green Stamps, Quatloos, or anything else not Ether). So I think the lawsuit has no merit because there were no damages.

https://battafulkerson.com/sue-for-damages/

TYPES OF DAMAGES YOU CAN SUE FOR

To observers on the outside of a case, it might seem like people pick a number out of thin air when filing a lawsuit. In reality, you can only sue for damages that the other party owes you.

 

[Pekelo]

So I think the lawsuit has no merit because there were no damages.

You do realize Shkreli went to prison while his investors actually made profits? Now you could argue criminal vs. civil case and you maybe right. If you want this to be a criminal case instead, well, write a letter to the SEC. You may have heard they fined Kim K.:

https://www.sec.gov/news/press-release/2022-183

The point is, no damage =/= not guilty