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Creators of Bored Ape Yacht Club were accused to pump and dump

Creators of Bored Ape Yacht Club were accused to pump and dump

According to collective sue, the company ‘used celebrity promoters and endorsements to inflate the price of the company’s NFTs and token’.  

A firm Scott+Scott is preparing to bring suit against Yuga Labs who has created Bored Ape Yacht Club’s NFTs and ApeCoin. The main cause is a pump and dump scheme. 

‘Once it was revealed that the touted growth was entirely dependent on continued promotion (as opposed to actual utility or underlying technology) retail investors were left with tokens that had lost over 87% from the inflated price high on April 28, 2022’ - said lawyers. 

Now the firm is looking for investors who were deceived by Yuga Labs. The lawsuit has not been filed in court yet. 

After the launch the ApeCoin’s price was $8,5 on 17 March. On 28 April the price growed at $27,5. But now the price dropped to $6,2.         

Early, Snoop Dogg, Eminem and other celebrities had supported the projects. In March, Yuga Labs raised $450 million by an investment round. 

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