BAYC creator facing lawsuit for 'fraudulently promoting' NFTs

These accusations do not only concern NFTs from the BAYC collection, but also ApeCoin, a cryptocurrency for owners of these famous NFTs. — Photo by Tingey Injury Law Firm on Unsplash

Yuga Labs, creator of the Bored Ape Yacht Club non-fungible tokens, is facing the wrath of several investors who feel they have been cheated after the crypto market and NFT prices plunged. A US law firm is now considering filing a class-action lawsuit against the company.

Could Bored Ape Yacht Club (BAYC) soon to be the subject of a lawsuit? The law firm Scott+Scott is proposing to file a class action lawsuit against the company, claiming on its website that "Yuga Labs investors were inappropriately induced to buy financial products created by Yuga Labs, namely the Ape Coin and the Bored Ape Yacht Club non-fungible tokens ('NFTs')."