A US law firm has filed a class action lawsuit against nearly 40 companies, including Yuga Labs and Moonpay.
The ongoing turbulent process in the crypto industry has also negatively affected the players of the industry. Many crypto projects are looking for ways to survive this turbulent time. The decrease in the volume of the crypto money market by almost 70 percent was also effective. The effects of the bear market caused investors to move away from the sector. In the crypto industry, which has had difficult days, legal processes have also intensified. Regulators and regulators are heavily scrutinizing the crypto market. On the other hand, a law firm in the USA sued Yuga Labs and Moonpay.
Yuga Labs and Moonpay Facing Class Action
A law firm from the US state of California has filed a class action lawsuit against nearly 40 companies, including Yuga Labs and Moonpay. The premise of the case was shown that they were part of a grand plan.
Law firm Yuga Labs, which has recently researched participants in mass action, and targeted Hollywood talent scout Guy Oseary. The law firm, which filed a class action lawsuit, made a sensational claim. This allegedly misleading promotion was made by a network of musicians, athletes, and celebrity clients. These misleading advertisements under a scheme paved the way for selling Yuga Labs products, including Bored Ape Yacht Club (BAYC) NFTs.
The law firm also claimed that MoonPay was used as a front operation without disclosing investors. Allegedly, companies inflate the prices of NFT products and sell them to users for more than they are worth.
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