Investors accuse Yuga Labs of market manipulation relating to their purchases of various cryptocurrency collections. 

Yuga Labs is a non-fungible token (NFT) company that distributes NFTs.

The accusation centers around the acquisition of certain “Meebits” NFTs prior to Yuga Labs’ purchase of two NFT collections. According to reported data from a blockchain security firm, PeckShield, between March 5 and March 11, 14 suspicious addresses made more than 150 “Meebits” NFT purchases before Yuga Labs announced it would purchase the rights to Meebits and other NFTs, substantially inflating the value of those NFTs.

The SEC does not currently regulate NFTs, so there is likely no claim for insider trading or securities fraud, but Yuga Labs investors may have claims for market manipulation and common law fraud. A similar lawsuit was filed in 2020 against cryptocurrency exchange Bitfinex for market manipulation around their issuing of cryptocurrencies to inflate the overall cryptocurrency market price.

Have you been affected?

Contact Us






    3 Comments

    1. Kayıt Ol

      Your article made me suddenly realize that I am writing a thesis on gate.io. After reading your article, I have a different way of thinking, thank you. However, I still have some doubts, can you help me? Thanks.

      Reply
    2. 20bet

      Your article gave me a lot of inspiration, I hope you can explain your point of view in more detail, because I have some doubts, thank you.

      Reply

    Submit a Comment

    Your email address will not be published. Required fields are marked *

    Sources

    https://twitter.com/moonbirder/status/1519883675508383744?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1519883839245533185%7Ctwgr%5E%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Ftwitframe.com%2Fshow%3Furl%3Dhttps%3A%2F%2Ftwitter.com%2Fmoonbirder%2Fstatuses%2F1519883839245533185
    https://portalcripto.com.br/en/yuga-labs-is-criticized-by-the-crypto-community-for-potential-market-manipulation/
    https://coingape.com/breaking-bored-ape-owner-yuga-labs-crypto-punks-market-manipulation/
    https://cryptoslate.com/yuga-labs-acquisition-of-meebits-nft-ip-reopen-talks-of-market-manipulation/
    https://portalcripto.com.br/en/yuga-labs-is-criticized-by-the-crypto-community-for-potential-market-manipulation/
    • Auto
    • Finance
    • Home
    • Misc
    • All