Rosen Following The Class Action Lawsuit Against Yuga Labs, Madonna Was Also Dragged In

Yuga Lbas, sued for candidate action. (photo: twitter @yugalabs)

JAKARTA - Fintech cryptocurrency problem Yuga Labs will face more lawsuits in connection with collections of nonfungible tokens (NFT), Bored Ape Yacht Club (BAYC), and other projects.

Rosen's Law Firm, a global law firm focused on protecting investor rights, announced on January 30 that it plans to file a class action lawsuit against Yuga Labs.

Rosen invites buyers of Yuga securities, including BAYC NFT and APE's original token, to join the group's lawsuit against Yuga with the main plaintiff's deadline set on February 7.

The law firm emphasizes that Yuga securities investors who buy BAYC and APE between April 23, 2021, and December 8, 2022, are entitled to compensation without payment of any additional fees through emergency fee arrangements.

The new case targets many defendants, including co-founder of Yuga Labs, Wgelar Aronow, who took time off from his office on January 28, citing health concerns. The case will also face co-founder Greg Solano, billionaire founder of BAYC Kerem Atalay, CEO of Yuga Labs Nicole Muniz, as well as several world-famous celebrities, including Madonna and companies like Adidas and MoonPay.

The new lawsuit is another attempt to hold Yuga Labs accountable for the huge losses suffered by NFT investors who bought BAYC and APE over the past few years.

In October 2022, the average transaction value of NFT BAYC fell below $85,000 after briefly reaching $312.000 in April 2022. The base price of NFT's BAYC also fell from about 144 Ether, or 226,000 US dollars, to 64 ETH (100.000 US dollars) at the time of writing.

Yuga Labs also faces similar lawsuits from American plaintiffs Adonis Real and Adam Titcher in December 2022. Similar to Rosen's group lawsuit, the lawsuit lists more than 40 people and the company as defendants, including Madonna, Justin Bieber, Paris Hilton, Bagg Dogg, Jimmy Fallon, Post Malone and others.

Previously, law firm Scott+Scott filed a class action lawsuit against Yuga Labs in June 2022, arguing that the firm was inappropriately persuading the community to buy NFT BAYC and ApeCoin.

Yuga Labs, a Miami-based company, was also involved in several disputes over trademark and copyright issues. In June, Yuga Labs filed a lawsuit in a Los Angeles court against artist Ryder Ripps, claiming that he had used the Yuga Labs trademark to promote his NFT collection. The court lawsuit further shows that Yuga Labs does not have copyright registration for BAYC.

"Yuga Labs tidak memiliki hak copyright terdaftar, dan karena itu tidak ada ancaman tuntutan hukum atas pelanggaran hak copyright," kata pengajuan tersebut.

Despite facing many problems, Yuga Labs has taken steps to expand the NFT ecosystem. On January 18, Yuga Labs launched its new Dookey Dash game, a skills-based printing experience that allows BAYC investors to claim free tokens to compete for the highest score and earn new benefits.