Investors Sue Sotheby's and Celebrities Over Bored Ape NFT Investment Collapse
Investors who purchased Bored Ape Yacht Club (BAYC) NFTs during the NFT craze in 2021 have filed a lawsuit against Sotheby's auction house, alleging that the auction gave the NFTs an "air of legitimacy" and deceived investors. The lawsuit claims that Sotheby's misrepresented the buyer as a "traditional" collector when it was actually the now-disgraced FTX. The plaintiffs argue that they bought the NFTs with the expectation of profit, but the prices have since plummeted. Sotheby's denies the allegations, stating that they are baseless.