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The dark side of celebrities: how can promoting NFTs lead to legal trouble?

In recent months, cryptocurrencies and non fungible tokens (NFTs) have gained a lot of popularity and attracted the attention of investors, collectors and celebrities alike. However, not all stories about NFT are positive, as some celebrities have been involved in lawsuits related to the promotion of NFT projects, such as the popular Bored Ape Yacht Club (BAYC).

According to reports, some top celebrities and internet personalities, such as Logan Paul, Steve Aoki and Lil Baby, are facing a lawsuit for promoting BAYC. The lawsuit was filed by an individual who alleges that he purchased a BAYC NFT worth $530,000 after seeing promotions of these celebrities on social media. However, shortly after the purchase, he learned that the project had been the subject of a scam, which caused the value of the tokens to drop.

The lawsuit accuses the celebrities of failing to conduct adequate research on the project and promoting it irresponsibly, which led investors to believe that the project was legitimate and valuable. It is also alleged that these celebrities received compensation for promoting BAYC, which, according to the plaintiff, creates a conflict of interest.

It is important to note that, so far, these allegations are just that: allegations. The celebrities have not yet officially responded to the lawsuit and there may be more information about the case that has not yet been made public.

However, this case highlights the potential risks of investing in NFTs and the need for thorough research before making any purchases. NFTs are a relatively new form of investment and, as such, are not regulated in the same way as other forms of investment. Therefore, it is important to be aware of the risks and do your due diligence before investing in any NFT project.

In summary, lawsuits related to the promotion of NFT projects are not uncommon and can be costly for celebrities and for investors. It is important to remember that while NFTs can be an exciting form of investing and collecting, it is important to properly research any project before investing in it.

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