NFTs, blockchain, and cryptocurrency were all the rage last year and even through halfway this year, yet major events such as exchange FTX filing for bankruptcy have heavily sullied the concepts.

Some examples also include NFTs crashing in value, which have caused some investors massive losses, and now potentially some repercussions.

A new class action lawsuit (via The Hollywood Reporter) alleges the negative outcome is the result of those who promoted Bored Ape Yacht Club, claiming fraud as a result.

Some named in this suit include notable celebrities such as Justin Bieber, Madonna, Kevin Hart, Snoop Dog, and many more. This all revolves around the premise that they pushed securities issued by Yuga Labs. The celebrities were compensated by the company without making any disclosures mentioning so.

The suit also claims that talent manager Guy Oseary discretely paid them for their endorsement using a service known as Moonpay. This is also is a service alleged to have been fraudulently promoted to pump up its value.

“In our view, these claims are opportunistic and parasitic,” a Yuga Labs spokesperson responded in a statement. “We strongly believe that they are without merit, and look forward to proving as much.”

NFTs have remained a hot button topic. In the realm of gaming there have been numerous projects attempting to capitalize the concept by major publishers such as Konami and Square Enix. Regardless of this lawsuit’s results, it’s unlikely for that to change.

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