Who would have thought that digitally generated images of monkeys would quickly tumble from their absurd prices of hundreds of thousand or even millions of dollars?
Highlights
- 30 celebrities, including Madonna, Justin Bieber and Paris Hilton, are suing Sotheby’s auction house for ‘misleadingly’ promoting ape NFTs.
- Plaintiffs allege manipulation and lack of disclosure of their relations with ape creators, Yuga Labs.
- One buyer purchased over 100 of the tokens in a single auction for a total sum of US$24 million in September 2021.
- The allegations include the fact that following this huge sale, its staff member Max Moore made a false claim on social media that the NFTS had been bought by a traditional buyer from the non-crypto world; when in reality, it was FTX, the now-defunct, bankrupt crypto exchange.
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Grayscale wins. Grayscale’s Petition for Review Be Granted and the Commission’s Order Be Vacated