This Bored Apes lawsuit is a bit slimy
…where do we start with this?
So, there’s this law firm Scott+Scott (Scott Squared, if you will), that are currently organizing a class-action suit against Yuga Labs.
(You know Yuga, they created Bored Ape Yacht Club)
The lawsuit pretty much claims that Yuga falsely promoted Bored Ape NFTs and ApeCoin as guaranteed ‘home run’ investments.
Which - seems like an odd approach to take.
The NFT space can fit many molds…
‘High octane speculation’?
Maybe.
‘Organized chaos’?
Sure, that fits.
‘Assets with guaranteed returns’?
Even from the outside looking in, that’s a BIG swing and a miss.
…so why even take this angle in the first place?
Think of it like this:
You know when you were a kid and you’d ask your parents for just about anything that caught your eye on the supermarket shelf?
‘What’s that? I want it.
…oh, it’s rat poison? I don’t care, it’s got a cartoon mouse on it - and for that reason, it must be mine.’
You knew that as long as you kept asking, eventually the dam would spring a leak, and they’d say yes to something.
This feels a lot like that. Scott+Scott are throwing the idea out there to see if anything sticks.
If there’re enough disgruntled buyers, there’s a good chance Yuga will use some of their four billion dollar war chest to settle the case out of court.
(And some of that will go to the Scott Squared crew).
It’s a bit ‘ick,' but that’s the world we live in.
