investors suing Neymar and other celebrities; understand why
2 min read
Investors are suing Neymar and other celebrities. Understand why the Brazilian player’s name is included.
A lawsuit has been filed in Los Angeles federal court. In it, investors are suing Neymar and other world-famous celebrities for helping them inflate the values of the Bored Ape Yacht Club NFT collection.
This is a joint action brought by a group of bored monkey investors. According to them, the celebrities who endorsed the NFT did not make it clear that they were getting paid to do so.
As a result, the price of the asset was artificially inflated, prompting investors to buy NFTs at a very high price. However, Bored Ape’s collection of NFTs suffered a sharp depreciation and investors took a loss.
Investors are suing Neymar, Madonna, Paris Hilton, Bieber and others
The only Brazilian player, Neymar, was not mentioned in the lawsuit. Thus, Yuga Labs (owner of Bored Ape NFTs), agent Guy Oseary, who represents many Hollywood celebrities, and MoonPay USA (the company controlled by Oseary) are accused.
In addition, the presenter and actor Jimmy Fallon, singer Madonna, socialite Paris Hilton and singer Justin Bieber are mentioned. In all these cases, the charge is the same.
Specifically, celebrities have hinted or claimed to be investing in Bored Ape NFTs. However, they are not informed that it is a paid partnership. As a result, investors believed in the exclusivity of the asset.
In this way, the investors who are suing Neymar ended up buying NFTs from Bored Ape for an artificially inflated amount.
Similar cases have already occurred
Several celebrities have already been accused of endorsing digital assets without making it clear that they were paid to do so. Such is the case for Floyd Mayweather Jr. And Kim Kardashian.
Although the trial did not proceed, Kim settled for $1.26 million with the US Securities and Exchange Commission (SEC). It also agreed not to disclose any digital assets for a period of three years.
In addition, Brazilian model Gisele Bundchen and her ex-husband Tom Brady are being sued for revealing the assets of the FTX brokerage, which went bankrupt this year and exacerbated the crisis in the cryptocurrency market.
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