According the Scott+Scott international law firm’s website, it’s possible that Yuga Labs (a non-fungible token) company may be subject to a class action lawsuit. This is because they promote “the growth prospects for investors and the change for enormous returns on investments to unsuspecting ones.”
According to the law firm Scott+Scott, Yuga Labs was accused of using celebrity promoters and endorsements in order to raise the price of its NFTs and token. However, the court records do not indicate that any class-action lawsuit against Yuga Labs have been filed.
Scott+Scott’s website states that the firm is looking for investors who have “suffered losses in connection with the purchase Yuga Labs tokens, or NFTs, between April 2022 & June 2022.” This token is APE, which is a crypto asset associated to the Bored Adept Yacht Club (BAYC) and Otherside metaverse projects.
According to the Scott+Scott website, “After selling millions of dollars worth fraudulently promoted NFTs,” Yuga Labs launched Ape Coin to further fleece investors. “Once it became clear that the hyped growth was dependent upon continued promotion (and not actual utility) retail investors were left holding tokens that had lost more than 87% from their inflated price on April 28, 2022.”
Yuga Labs’ investors have joined together to bring a class action against Scott+Scott in an attempt to recover losses from Yuga Labs tokens or NFTs. Scott+Scott is available to help you if you have suffered any losses as a result of the Yuga Labs tokens and NFTs purchases between April 2022 – June 2022.
Scott+Scott is involved in six different crypto cases — Boutique law firms flock to the Blockchain Industry
Scott+Scott is a law firm that handles complex litigation in Europe as well as many other legal proceedings. Scott+Scott has been involved in securities litigation involving high-profile companies like Edison International and General Mills.
Scott+Scott’s website states that they are involved in a variety of crypto cases. These include crypto companies and projects such as Celsius and Ethermax.
Yuga Labs did not mention the Scott+Scott-related accusations. The last tweet Yuga Labs made mentioned a threat to NFT communities. “Our security team has been monitoring a persistent threat organization that targets the NFT communities,” Yuga Labs tweeted July 18, 2022. We believe they could soon launch a coordinated attack against multiple communities through compromised social media accounts. Keep safe and vigilant.
In the crypto industry, there have been many prominent boutique law firms that focus on complex legal issues that involve blockchain technology over the past few years. Many of these law firms, like Scott+Scott are handling a lot litigation that involves cryptocurrencies and alleged unregistered security.
Roche Freedman LLP has a number of crypto cases under its wing. The partners Kyle Roche, Devin “Velvel”, Freedman, are well-known for the court case involving Craig Wright. Roche Freedman, like Scott+Scott is involved in a case that was filed on behalf of the bankrupt crypto lender Celsius.