Yuga Labs “Inappropriately Induced” the Community to Buy BAYC NFTs

The community was alleged “inappropriately induced” to purchase Bored Ape Yacht Club non-fungible tokens (NFTs) and the project’s associated ApeCoin (APE) by Yuga Labs, according to a proposed class-action lawsuit. Additionally, it claims that Yuga Labs encouraged “unsuspecting investors” to participate by touting the growth prospects and potential for enormous rewards. Yuga Labs Introduced ApeCoin YUGA LABS introduced the ApeCoin to “further defraud investors” after selling off millions of dollars worth of “falsely advertised NFTs.” Affected investors who lost money on BAYC NFTs and Apecoin between April and June of this year are being sought out by the law firm. So there's a class action lawsuit against @yugalabs as investors were "inappropriately induced to buy financial products created by Yuga Labs". Extremely ridiculous😂 Take responsibility for your own actions people. https://t.co/WeuVVLNGv6 pic.twitter.com/7c9Jywvv9V — Kevin Wu 🦾🤖🦾 (@kevwuzy) July 24, 2022 APE reached an all-time high of $26.70 over this period before falling around 82.5 percent to $4.66 at the end of June, while the floor price decreased from 151.5 ETH to 92.9 ETH. The anticipated lawsuit doesn’t seem to have much of an impact on the neighborhood, according to BAYC holder @SoapBoxCar, who tweeted on July 24 that many people are upset they “got rekt” when they bought at the top. Lolz this lawsuit against @yugalabs is just a bunch of people mad cuz ...