Bored Ape Investors Are Suing Paris Hilton as the Whole Thing Falls Apart


The regret is real.Floored ApesInvestors of the once-popular Bored Ape collection of NFTs are furious now that prices of the JPGs have cratered — and they're out for blood.As CNN reports, a group of investors are suing famed auction house Sotheby's for hyping up the tokens back in 2021, arguing that they "misleadingly promoted" the collection, and colluded with Bored Apes creator Yuga Labs to artificially inflate prices.


The lawsuit also names several high-profile celebrities, including Justin Bieber and Paris Hilton, who they allege didn't disclose financial ties to the collection when promoting it.The investors are now seeking more than $5 million in damages. That's possibly in part to make up for the giant hole in their pockets. Bored Apes, which once sold for millions of dollars worth of crypto two years ago — a time when celebrities were willing to shell out vast sums to be part of the conversation — have absolutely plummeted in value and are now selling for as little as $52,000 each.Too PopularIn 2021, Sotheby's sold well over 100 of the Bored Ape NFTs to just one buyer for more than $24 million, vastly exceeding expectations and drawing mainstream media attention.For its part, Sotheby's maintains it did absolutely nothing wrong."


The allegations in this suit are baseless, and Sotheby’s is prepared to vigorously defend itself," the auction house told CNN in a statement.Yuga Labs has also come out, telling CNN that "these new allegations, like those in the previous iteration of this opportunistic complaint, are completely without merit or factual basis."The lawsuit dates back to December, when it was filed in a federal court in California, but only recently was amended to name the auction house as a defendant.But to prove that it was part of a "vast scheme" to artificially inflate prices will likely be difficult. The hype surrounding the largely unregulated tokens was astronomical back in 2021. But that was two long years ago, giving collectors and investors plenty of time to come to their senses.Perhaps silly and phoned-in JPG portraits of apes aren't worth millions of dollars after all.More on Bored Apes: The Bored Ape Crypto Just Hit an All-Time Low 


Source : [Bored Ape Investors Are Suing Paris Hilton as the Whole Thing Falls Apart]( undefined - 500+Futurism / August 18, 2023 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act. How we keep your money safe.