With the implosion of Sam Bankman-Fried’s FTX dominating the headlines, celebrities who hawked cryptocurrency are now finding themselves under fresh legal scrutiny.
, essentially transforming digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain. The Bored Ape Yacht Club is a collection of 10,000 pieces of digital NFT art living on the ethereum blockchain.
None of the celebrities named in the lawsuits immediately responded to requests from CNN for comment.by an FTX investor for their endorsement of the now-disgraced crypto platform, and then Brady and Ortiz were named again in early December in a similar lawsuit for their backing of FTX. The lawsuits allege that these public figures did not properly disclose their own involvement with digital financial institutions.
Investors in FTX are not expected to be able to recover their money, the company’s CEO testified on Capitol Hill Tuesday. And people who poured money into Bored Ape NFTs are finding their investments aren’t worth what they paid for them, as the NFT market has imploded.RELATED:
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