Kevin Hart, Madonna, And Jimmy Fallon Named In NFT Fraud Scandal

Dec 14, 2022, 9:53 PM

A picture of a Bored Ape NFT on a cell phone, resting atop a pile of $100 bills.

Shutterstock | 286203253

For the last 12 months or so, a popular three-letter acronym has been making headlines across social media and the internet at large — NFT. The latest crypto craze not only has investors buzzing, but has caught the attention of several high-profile celebrities.

Recently, a class-action lawsuit was filed alleging that stakeholders in Yuga Labs, the parent company of blue-chip NFT project Bored Apes Yacht Club, may have misled potential investors by inflating the overall price. Among those named in the suit are Justin Bieber, Snoop Dogg, and late-night TV host, Jimmy Fallon.

Class-Action Lawsuit Has Been Filed

Kevin Hart wearing a yellow sweatshirt and blue sweat pants, walking through a corridor in an arena.

instagram | @kevinhart4real

The suit against Yuga Labs asserts that stakeholders, as well as several high-profile celebrities, willingly engaged in a conspiracy to defraud potential investors. Kevin Hart, Madonna, and Jimmy Fallon have all been named — as well as Justin Bieber, Snoop Dogg, Paris Hilton, and NBA All-Star, Steph Curry.

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Plaintiffs Adonis Real and Adam Titcher

Madonna wearing large black sunglasses, holding a Balenciaga handbag.

instagram | @madonna

The plaintiffs, Adonis Real and Adam Titcher, assert that the aforementioned celebs, as well as several others, used their considerable star power to artificially inflate the value of Bored Apes, thus greatly distorting the price for everyone.

A representative speaking on behalf of Yuga Labs vehemently denied these claims and told Variety, "In our view, these claims are opportunistic and parasitic. We strongly believe that they are without merit, and look forward to proving as much."

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So Just What Is An NFT Anyway?

Giphy | AIRYVISION

NFT stands for Non-Fungible Token. It's a way of denoting ownership across a variety of digital asset classes, including (but not limited to) artwork, music, and digital real estate. NFTs are bought and sold on the blockchain and therefore can only be purchased with cryptocurrency and ERC-20 tokens — mainly, ETH (Ether). Due to the fact that crypto remains largely unregulated by any type of governing body, the volatility of NFTs, and cryptocurrency as a whole, is extremely high.

Seeking Damages Of No Less Than $5 Million

Jimmy Fallon and Dolly Parton sitting in folding chairs, laughing and talking.

instagram | @jimmyfallon

The likelihood of the suit's success remains speculative, at best. Just this month, a class action lawsuit against Kim Kardashian, Floyd Mayweather, and several other celebrity promoters of EthereumMax was dismissed by a Federal judge.

Prior to the stock market crash, as well as the formidable dip in the crypto market, prices of rare Bored Ape NFTs soared upwards of $100,000. Popular YouTube celebrity/crypto enthusiast Logan Paul, is said to have lost nearly $2 million in crypto-related investments.