Crypto Startup MoonPay Accused of Gifting NFTs to Celebrities Without Payment, Facing Class-Action Lawsuit

Sources claim that MoonPay, a crypto startup with a $3.4 billion valuation and celebrity backing, gave valuable NFTs to some of its celebrity clients without payment. Celebrities such as Justin Bieber, Madonna, and Gwyneth Paltrow promoted MoonPay's services after receiving Bored Ape Yacht Club NFTs, but MoonPay denies giving them away for free.

A class-action lawsuit filed in late 2022 alleges that celebrities promoted Bored Apes and MoonPay without disclosing their financial interests or compensation. Additionally, a recent report revealed that MoonPay's CEO and other executives received $150 million of the $555 million raised in a Series A financing round, leaving the company with only $405 million in fresh capital.

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