Cointime

Cointime

Download App
iOS & Android
Home / NFT

Class-Action Lawsuit Against MoonPay, Yuga Labs Names Sotheby’s As Defendants

A class action lawsuit is accusing cryptocurrency payment company MoonPay of colluding with Yuga Labs, the developer of Bored Ape Yacht Club, and several celebrities to inflate the value of NFTs. The witness claims to have been one of the few compliance employees at the company who was granted "additional access to files and data related to MoonPay customer financial transactions" during 2022. The complaint alleges that they were unable to find any information on celebrity clients, including basic personal profile information, compliance data, or any transaction history.

In addition, the plaintiffs accuse a representative of Sotheby's of misleading buyers by claiming that a "traditional" art collector had purchased 101 BAYC NFTs for $24.4 million, when in fact it was FTX that bought the NFTs. The lawsuit states, "Sotheby's representation that the undisclosed buyer was a 'traditional' collector led people to believe that the BAYC NFT market had shifted to mainstream audiences." Sotheby's said in a statement, "The allegations in this lawsuit are baseless, and Sotheby's is prepared to vigorously defend itself." 

MoonPay Yuga Labs
Comments

All Comments

Recommended for you

  • Cointime May 3rd News Express

    1. The 133rd Ethereum ACDC meeting: The goal is to complete the devnet within 7-10 days

  • Yuga Labs will migrate the Otherside metaverse to Improbable’s Msquared

    Yuga Labs and Improbable announced the migration of Otherside Metaverse to Improbable's Msquared, which is Improbable's interconnected Metaverse network. By rebuilding Otherside, Yuga Labs will provide the community with the ability to build in large-scale environments and interoperability. Improbable and Yuga Labs also announced other news about the development of Otherside, including a large multiplayer game event in July and the launch of Otherside development toolkit World Builder ODK.

  • NFT sales on the Ethereum chain exceeded US$350 million in January, down 2% from December

    According to the latest data from Cryptoslam, the sales of NFTs on the Ethereum blockchain in January reached about $356 million, a decrease of about $7 million from December, a decrease of about 2%. In addition, the transaction volume of NFTs on the Ethereum blockchain in January reached 929,000 transactions.

  • NFT sales on the Bitcoin chain exceeded US$335 million in January, setting the third highest single-month record to date

    According to Cryptoslam data, as reported by Jinse Finance, the Bitcoin blockchain NFT sales in January 2024 exceeded $335 million, with a trading volume of nearly 250,000 transactions, including over 67,000 independent sellers and approximately 78,000 independent buyers. Historical data shows that January 2024 is the third-highest single-month record on the Bitcoin blockchain to date, surpassed only by the highest record of approximately $869 million set in December 2023 and the second-highest record of approximately $376 million in November 2023.

  • CoinGecko: NFT trading volume will drop by $14.5 billion month-on-month in 2023

    According to a report by CoinGecko, NFT transaction volume in 2023 will be less than half of that in 2022, dropping from $26.3 billion to $11.8 billion, a decrease of $14.5 billion. The dashboard of Dune Analytics shows that the transaction volume of OpenSea, the leader in the NFT market, exceeded $2 billion for 9 consecutive months between 2021 and 2022, but shrank to about $170 million in December 2023. Rohan Handa, the NFT director of Mysten Labs, said that the decline in the field was caused by poor macroeconomic conditions and notable collapses, which weakened the public and investors' confidence in the unstable crypto industry.

  • NFT sales on the Bitcoin chain exceeded US$880 million in December 2023, setting the highest single-month record to date

    According to CryptoSlam data, the Bitcoin blockchain's NFT sales in December 2023 reached a record high of $881,223,753.92, with 111,713 buyer addresses and 98,744 seller addresses, both setting new monthly records. As of now, the total NFT sales on the Bitcoin blockchain have reached $1.83 billion, making it the fourth largest blockchain for NFT sales, behind only Ethereum ($42.12 billion), Solana ($4.62 billion), and Ronin ($4.25 billion).

  • Development company Yuga Labs sells one of its gaming companies for about $97.1 million

    According to CNBC, Improbable, the development company behind Yuga Labs' metaverse Otherside, which acquired multiplayer game service company The Multiplayer Group (MPG) in 2019, has sold it to Keywords Studios for £76.5 million (approximately $97.1 million).Improbable co-founder and CEO Herman Narula said the deal is part of its "venture investment" strategy, which involves investing in or acquiring teams related to gaming and metaverse, and choosing to expand or split these teams later. While this move suggests that Improbable may reduce its investment in gaming, Narula does not believe that selling MPG means it is reducing its business in this area. Narula said: "We will not sell any technology, nor will we stop working with gaming companies."Keywords, headquartered in Ireland, has more than 70 studios in Los Angeles, France, Brazil, Mexico, and Spain, mainly developing games for third-party developers. MPG was founded in 2018 and is known for its work on games such as "Fallout 76" and "Medal of Honor: Above and Beyond".

  • NFT Trading Volume Nears $1B in November Amid Bullish Crypto Markets

    According to DappRadar, nonfungible token (NFT) trading has surged with a volume nearing $1 billion in November, indicating a shift in user behavior compared to earlier downturns in NFT trading. NFT sales volumes showed continued weekly increases in October, consistently going up from $56 million to $129 million. Executives in Web3 believe that this trend may continue further in the coming months. Despite a seemingly bearish mood all year, blockchain gaming projects managed to secure $2.3 billion in investments from the start of 2023 up to October.

  • Blur will make an important announcement at 7 am Beijing time on November 20th, which may be related to the Season 2 airdrop.

    Blur has announced that it will release an important announcement at 7 am Beijing time on November 20th to "take Bur to a new level". Previously, it was reported that Blur had planned to launch Season 2 airdrops on November 20th.

  • Some Blue-Chip NFTs on Multiple NFT Lending Platforms Have Entered Liquidation, Including BAYC, Azuki and Other Series

    According to the loan agreement liquidation interfaces of BendDAO, ParaSpace, JPEG'd, and others, some blue-chip NFTs have entered liquidation, including BAYC, Azuki, and others. Currently, the liquidation situation of NFTs on each platform is as follows: BendDAO: includes 2 BAYC, 1 Azuki, 2 Moonbird, and 1 CloneX; ParaSpace: includes 1 BAYC and 1 stakefish validator; JPEG'd: includes 2 Azuki, with starting prices of 2.86 ETH and 2.97 ETH respectively.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company