Success comes with scrutiny. Yuga LabA prolific NFT project, is already under investigation by the Securities and Exchange Commission. But that’s not all Yuga Labs has to worry about. Scott + Scotta consumer rights firm has also released a new investigation into them.
According to a November 23, 2022 press release, the law firm announced that Yuga Labs hasor some of its officers, directors, promoters, and corporate insiders have violated federal securities laws. “
In light of this, the law firm purchased the assets of Yuga Labs and suffered a great loss come out in front. Yuga Lab’s popular assets include Bored Ape Yacht Club, Mutant Ape Yacht Club, and ApeCoin NFTs. By all indications, the law firm is gearing up for a possible class action lawsuit against the company.
The press release makes it appear that a decline in the market value of Yuga Labs’ assets is part of the grounds for the lawsuit.
There has always been some controversy over whether NFTs and other blockchain assets are securities, and that argument could be brought up in court.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Tokoni Uti has written extensively on blockchain and cryptocurrencies over the years. Her work has been featured on sites such as BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.