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A class action lawsuit was filed against Yuga Labs, naming dozens of celebrities, including Madonna and Justin Bieber.
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Jimmy Fallon, Gwyneth Paltrow, Post Malone, and the Weeknd were among those who were sued in a class action suit.
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They were accused of encouraging BAYC NFT fraud.
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These celebrities were also named in a class-action lawsuit against the creators of the BAYC NFTs.
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They were named promoters of the NFTs to increase their worth artificially.
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Rolling Stone has obtained a complaint that Yuga formed an entertainment manager partnership with Guy Oseary.
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This was said to have helped them leverage their huge celebrity client base.
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At the beginning of the month, it had a market capitalization of US$ 11 billion.
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However, that had fallen to US 4.9 billion dollars as of Friday afternoon in Asia.
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