Investors Take Legal Action as Bored Ape NFTs Fail to Deliver Promised Returns

Investors have filed a class-action lawsuit against Sotheby's and other defendants, including celebrities like Paris Hilton and Justin Bieber, over the collapse in prices of Bored Ape Yacht Club non-fungible tokens (NFTs). The lawsuit alleges that Sotheby's misleadingly promoted the NFTs and colluded with creator Yuga Labs to artificially inflate their prices. The NFTs, which were once sold for over $400,000, can now be bought for as little as $52,445. The investors are seeking more than $5 million in damages and claim that a "vast scheme" involving multiple companies was used to manipulate the market.