With success comes audit. Yoga Labs, the prolific NFT project, is already under investigation by the Securities and Exchange Commission. But that’s not all Yuga Labs has to worry about, as Scott + ScottThe consumer rights company also announced a new investigation into it.
According to the November 23, 2022 press release, the law firm wants to determine whether Yuga Labs “or some of its officers, directors, promoters, and insiders are violating federal securities laws.”
In light of this, the law firm encourages anyone who has purchased a Yuga Labs asset and suffered huge losses to apply. Some of the popular Yuga Lab assets include Bored Ape Yacht Club, Mutant Ape Yacht Club, ApeCoin NFTs, etc. From all indications, the law firm is preparing for a potential class action lawsuit against the company.
In the press release, it appears that the decrease in the market value of Yuga Labs’ assets is part of the basis for the lawsuit.
There has always been some conflict over whether or not NFTs and other blockchain assets are securities, and the argument can be made in a court of law.
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*All investment/financial opinions expressed by NFT Plazas are derived from the personal research and experience of our site managers and are intended as educational materials only. Individuals are required to fully research any product before making any type of investment.
Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has been featured on sites like BTCmanager and Blockchain Reporter. She has a certificate in corporate communication.