Curry and Co in hot water over Bored Ape promo

Steph Curry and Serena Williams face class-action lawsuit over promotion of Bored Ape Yacht Club NFTs.

Legendary sports stars Steph Curry and Serena Williams are among several high-profile athletes to find themselves caught up in a class-action lawsuit involving Bored Ape Yacht Club (BAYC) NFTs.

Several celebrities have been named in the lawsuit targeting those that promoted BAYC. Its parent company Yuga Labs is accused of artificially increasing NFT values using notable figures.

The lawsuit alleges Curry and Co received digital assets of themselves and payments via Moonpay in exchange for their promotion helping them financially but also encouraging others to buy.

Many Bored Apes exchanged hands for millions of dollars with those investing ending up purchasing tokens at inflated prices in an unsuitable market leaving them with severe financial losses.

Now the market has contracted, even the cheapest NFT in the collection – which once hit $429,000 – is below $100,000. A decline which hasn’t been helped by crypto crashes and the fall of FTX.

The filing, submitted in a federal court in California, said: “The truth is that the company’s entire business model relies on using insidious marketing and promotional activities from A-list celebrities that are highly compensated without disclosing such, to increase demand of the Yuga securities by convincing potential retail investors that the price of these digital assets would appreciate.”

Two plaintiffs are seeking $5m in damages as well as rights for anyone else affected.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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