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Bitcoin Magazine head of market research Dylan LeClair reacts to BlockFi filing for bankruptcy on ‘Making Money.’
Dozens of celebrities were named in a class action lawsuit filed Thursday against blockchain cryptocurrency start-up, Yuga Labs, Inc.
Madonna, Paris Hilton, Justin Bieber, The Weeknd, Jimmy Fallon and his production company, Electric Hot Dog, Inc. were among the many sued for their involvement in "promoting and selling a suite of digital assets."
"The executives at Yuga and Oseary together devised a plan to leverage their vast network of A-list musicians, athletes, and celebrity clients and associates to misleadingly promote and sell the Yuga Financial Products," documents obtained by Fox News Digital stated.
"Soliciting sales of digital assets likes NFTs and tokens comes with disclosure duties just like any other traditional financial product. And whether it is a company, DAO, or celebrity influencer, the individuals involved in misleading investors should be held accountable," attorney Sean Masson told Fox News Digital.
KIM KARDASHIAN, FLOYD MAYWEATHER CRYPTO LAWSUIT DISMISSED
Justin Bieber and Madonna were named in a cryptocurrency lawsuit against Yuga Labs, Inc. (Getty Images / Getty Images)
A Yuga Labs spokesperson told FOX Business, "In our view, these claims are opportunistic and parasitic. We strongly believe that they are without merit, and look forward to proving as much."
Yuga's elite NFT collection, "Bored Ape Yacht Club" (BAYC) was "entirely manufactured" by Guy Oseary and a front operation for "Moonpay," the docs allege.
"MoonPay purports to be a white-glove service designed to help the super-rich and celebrities buy NFTs ‘without all the hassle of setting up a wallet, buying crypto, using that crypto to purchase an NFT and then taking custody of it.’ In truth, the Executive Defendants and Oseary used their connections to MoonPay and its service as a covert way to compensate the Promoter Defendants for their promotions of the BAYC NFTs without disclosing it to unsuspecting investors," the documents claim.
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The lawsuit alleges "billions of dollars" were generated in sales and re-sales through manufactured celebrity endorsements and misleading promotions, and "at no point did any of the defendants register these securities with the SEC."
Paris Hilton was included in the lawsuit which claimed to mislead promotion of Yuga Financial Products. (Christopher Polk / Getty Images)
Gwyneth Paltrow, Serena Williams, her husband Alexis Ohanian, Kevin Hart, Steph Curry, DJ Khaled, Snoop Dogg and Diplo were also named in the lawsuit.
Adidas and Universal Television were included in the 100-page complaint filed by Adonis Real and Adam Titcher.
FOX Business has reached out to the individuals and companies named above in the class action suit.
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Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2022 FOX News Network, LLC. All rights reserved. FAQ – New Privacy Policy
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