Bored Ape Investors Sue Celebrities, Company

In case you missed it, non-fungible tokens (NFTs) were all the rage for about ten seconds earlier this year. Don’t ask us what they are, but a group of investors has sued Yuga Labs, Inc., and several celebrities including Madonna and Justin Bieber, in a class action suit alleging that they were mislead and induced into purchasing Bored Ape Yacht Club NFTs that were artificially inflated in value. Surprisingly, billions of dollars of these NFTs were sold before crashing in value. While similar suits have not been successful, the scope of the losses and the novelty of the marketplace should make for some interesting decisions by insurers.

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