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Scott+Scott Moves Up Against ApeCoin
When talking about the global NFT marketplace, Bored Ape Yacht Club holds the topmost position as the most favored NFT token. But, in the last few weeks, the company behind the Bored Ape Yacht Club (BAYC) – Yuga Labs is threatened to face a Class-Actions Lawsuit.
Reports state that some of the individual investors claimed that Yuga Labs inappropriately marketed the best of their Bored Ape tokens and further deceived people for buying them. Later when investors spent millions in buying the Tokens the value went running down to dust. The Bored Ape tokens were endorsed by some of the world-class renowned celebrities who have invested in BAYC such as Eminem and Snoop Dogg.
The marketing campaign resulted in rusty ends when investors lost huge numbers as the token valuation plunged over a short time span. The investors approached Scott+Scott – attorneys specializing in investigating and prosecuting complex actions globally.
“After selling off millions of dollars of fraudulently promoted NFTs, Yuga Labs launched the ApeCoin to further fleece investors,” the attorneys stated.
The Upside Downs for The Mighty Bored Ape
Interestingly, the ApeCoin – token from Bored Ape Yacht Club, reached its all-time high only a month after it was introduced to the NFT grounds. ApeCoin was launched in March 2022 and the price raised upto 27 USD nearly at the end of April. Presently, ApeCoin is performing way too low from the peak, drifting between 5.45 USD to 5.88 USD.
Scott+Scott sailed out a piece of information in public saying, “if any of the investors suffered losses while dealing in ApeCoin, we encourage you to get in touch with Scott+Scott and get a better understanding of your legal rights”.
Yuga Labs was successful in securing 450 Million USD in order to develop its NFT token for the metaverse operations. The firm was funded by an American venture capitalist Andreessen Horowitz which helped Yuga Labs boost the company valuation to 4 Billion USD. It was even noticed that Yuga Labs trembled in terms of trading volume in the last few months.
Legends to Backup the Legend Ape
However, the traction for ApeCoin resurrected when two rapping legends Eminem and Snoop Dogg released a video featuring their personal Bored Apes in the clip. Bored Apes has always stood close to the hearts of celebrities across the globe, whether its soccer star Neymar, or the Canadian Singer Justin Beiber, or the great tennis star Serena Williams.
There’s still no question as to what may come to Yuga Labs in the future. But, looking at the crypto winter and individuals approaching Scott+Scott things may turn cold for the firm. Fingers crossed for one of the most favored NFT on the globe!
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
