this post was submitted on 17 Aug 2023
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578
Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment (arstechnica.com)
submitted 1 year ago by merridew to c/technology@lemmy.world
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[–] treadful@lemmy.zip 67 points 1 year ago (2 children)

The amended lawsuit alleges that "Yuga colluded with fine arts broker, Defendant Sotheby's, to run a deceptive auction." After the sale, a Sotheby's representative described the winning bidder during a Twitter Spaces event as a "traditional" collector, the lawsuit said.

The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges. Ethereum blockchain transaction data shows that after the auction, "Sotheby's transferred the lot of BAYC NFTs to wallet address 0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3,77 which, upon information and belief, is owned/controlled by FTX," the complaint said. Speculation that FTX was the buyer had been percolating since at least January 2023.

So basically, they're alleging Sotheby's, Yuga, and FTX staged the auction to pump the price. Bold claim, curious how this will play out.

[–] greavous@lemmy.world 18 points 1 year ago

Isn't pumping the price kinda the job of sotherbys/auctions?

[–] AphoticDev@lemmy.dbzer0.com 11 points 1 year ago

I mean, they do have them on record lying about it, so not that bold.