Top Celebrities Named in New Lawsuit Alleging Yuga Labs NFT Scheme
-
The New York Times reported that they had obtained a lawsuit which alleges that Yuga Labs has the scheme to defraud investors.
-
The lawsuit accuses 100 people of violating the Digital Millennium Copyright Act.
-
Justin Beiber, Paris Hilton, Jimmy Fallon, Elton John, David and Victoria Beckham, and Madonna amongst a few celebrity names mentioned in the lawsuit.
The New York Times has reported that they had obtained a lawsuit which alleges that Yuga Labs has the scheme to defraud investors through promises of high returns on investments. The lawsuit has been filed in the United States District Court for the Southern District of New York.
The lawsuit alleges that the company is using an undisclosed affiliate program to generate profits and that the company is using a “bait-and-switch” tactic in order to get people to invest in the affiliate program. The lawsuit also alleges that Yuga Labs is using an undisclosed affiliate program to generate profits in order to sell their NFTs.
The company has sued over 100 people who have posted YouTube videos in which they claim to have found the app and downloaded it. The lawsuit accuses 100 people of violating the Digital Millennium Copyright Act. The company says those who violated the law will lose their rights to their personal information and the ability to use their own content.
Yuga Labs has been accused of using an undisclosed affiliate program to generate the profits they are making from their NFTs. They have been using a program that is called the ‘X-Ads’ affiliate program. This program is a deceptive way to make the company seem more legitimate.
The company has been using the program to generate profit without telling the people involved. This has caused a lot of conflict between the company and their affiliates, while Yuga Labs has been accused of using the program to just make more profit without telling the affiliates. The lawsuit claims that the company has been using the program to make more profit without disclosing the details of the program to the affiliates.
There are a few major celebrity names mentioned in the lawsuit, including Justin Beiber, Paris Hilton, Jimmy Fallon, Elton John, David and Victoria Beckham, and Madonna. The lawsuit alleges that the celebrities were paid to promote the NFT in order to boost the price of the product. The lawsuit also alleges that the celebrities were paid “low seven-figure sums.
Posted Date: May 24, 2023
Related Blogs
JPMorgan & Crypto Exchange Gemini End Banking Ties
July 8, 2023
29 Held For Online Cryptocurrency Scam In Egypt
July 8, 2023
Apple Interrupts Uniswap’s Crypto Wallet App Launch
July 8, 2023
Dubai Ranked Second-Most Crypto-Ready City Globally
July 8, 2023
Bitcoin Mining Manufacturer Canaan To Sell ADSs
May 26, 2023
Binance Pauses Withdrawals After Attack On Ankr
