Jimmy Fallon, Gwyneth Paltrow and Justin Bieber have been sued in a proposed class action accusing them and a host of other celebrities who promoted Bored Ape Yacht Club non-fungible tokens of fraud.
The suit claims the celebrities misled their followers into buying BAYC NFTs, among other unregistered securities issued by Yuga Labs, to pump up their value, causing buyers to purchase “losing investments at drastically inflated prices.”
“The truth is that the Company’s entire business model relies on using insidious marketing and promotional activities from A-list celebrities that are highly compensated (without disclosing such), to increase demand of the Yuga securities by convincing potential retail investors that the price of these digital assets would appreciate,” reads the complaint filed on Thursday in California federal court.
The suit also names Madonna, Kevin Hart, Stephen Curry,…
