Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment
arstechnica.com
Lawsuit: Sotheby’s $24M sale to FTX gave Bored Ape NFTs “an air of legitimacy.”…

The Sotheby’s auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021.

  • some_guy@lemmy.sdf.orgEnglish
    211·
    1 year ago

    There was the bit about Sotheby’s misrepresenting FTX as a buyer, but that doesn’t make me any more sympathetic to their situation. Which, now that I’ve typed that, is extremely cynical when I like to think of myself as empathetic. I’m gonna try to change my take here. I like @db2’s take that the money should be invested in public education.

    • kimpilled@infosec.pubEnglish
      131·
      1 year ago

      I don’t think it would have mattered had they known. FTX was still in their good graces at the time, and FTX didn’t actually scam anyone (in this particular transaction lmao).