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Justin Bieber Sued for Scamming – allegegly

Justin Bieber and other celebrities have recently been sued for their participation in a scheme involving board ape Yacht Club NFTs – Spencer Cornelia reports. The entire NFT market has been crumbling, leading to lawsuits from investors who lost money. Justin Bieber paid 1.3 million dollars for a board ape NFT, which is now worth only $69,000. Comparatively, in Vegas a renovated 6,000 square foot house with a nice pool can be bought for 1.3 million dollars.

 The psychology of money is real and when the line is going up, mania hits and people lose all rational thought when investing. If someone had said 10 years ago that a picture of a monkey would sell for 1.3 million dollars, their response would be priceless. 😎

The Securities and Exchange Commission (SEC) has stated that celebrity endorsements may be unlawful if they do not disclose the nature, source and amount of any compensation paid directly or indirectly by the company in exchange for the endorsement. Kim Kardashian was fined $1.26 million dollars for promoting Ethereum Max without disclosing how much she was paid. Even though she included a hashtag ad in her Instagram story, she still failed to disclose the amount she was paid. This case is important to the current case being discussed as none of the celebrities being sued disclosed how much they were paid for the board ape Yacht Club scheme.

The board ape Yacht Club relies heavily on the perception that joining the club by buying an nft brings investors status, a status that can be bought by the rich and famous. This case serves as a reminder to investors to be mindful of celebrity endorsements and to always do their own research before investing their money.

Watch the video for me details. As usual we are only reporting. This does not include any of our opinion but those of the video owner.

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