This is so funny. The entire point of cryptocurrency was to be an irreversible, untraceable currency. Now these dipshits are sueing over losses? I don’t know if they are severely mistaken or severely angry. You are not getting that back. Neither do you deserve to. You knew what you were doing.
The first step is “Fuck the government!” The second step is always “Help me, Obi Wan Government, you’re my only hope!”
I deserve help from the government as I’ve done everything right and just been unfortunate. Its everyone else who have got into trouble entirely through their own doing that don’t deserve help.
Also: “why do things that happen to stupid people keep happening to me?”
I wasn’t supposed to be the sucker!
You forgot unregulated which usually even makes it to the front row in a lot of arguments completely denying the necessity to even have regulations at all…
I don’t really agree with this sentiment.
Are they dipshits?
Yes
Should Sothebys lose all credibility and be fined for faking an auction?
Also yes.
Should Bored Ape owners get any of their money back?
Naaaaaaaaaaaw
This crosses certain lines that are beyond just: huuuur crypto dumb
They are just severely greedy. They have no other ideology.
i don’t think you can sue for buying the losing ticket of crypto gambling
The amended lawsuit alleges that “Yuga colluded with fine arts broker, Defendant Sotheby’s, to run a deceptive auction.” After the sale, a Sotheby’s representative described the winning bidder during a Twitter Spaces event as a “traditional” collector, the lawsuit said.
The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges. Ethereum blockchain transaction data shows that after the auction, “Sotheby’s transferred the lot of BAYC NFTs to wallet address 0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3,77 which, upon information and belief, is owned/controlled by FTX,” the complaint said. Speculation that FTX was the buyer had been percolating since at least January 2023.
So basically, they’re alleging Sotheby’s, Yuga, and FTX staged the auction to pump the price. Bold claim, curious how this will play out.
I mean, they do have them on record lying about it, so not that bold.
The amended lawsuit alleges that “Yuga colluded with fine arts broker, Defendant Sotheby’s, to run a deceptive auction.” After the sale, a Sotheby’s representative described the winning bidder during a Twitter Spaces event as a “traditional” collector, the lawsuit said.
The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges.
I don’t think it’s fair to pin this all on people who got duped. Calling FTX, a company now known for throwing around large sums of stolen money to pump up the brand, bribe government officials, and fix prices, a “traditional collector”, is beyond misleading.
Yeah fuck these stupid NFT scams but fuck FTX more. They knew what they were doing. They also are alleged to have been behind the giant Bitcoin price pump of 2021
What a bunch a dumb apes
Bored Ape, in particular, was tried as an attempt to bring digital art into the fine art market to use as a tax dodge. If this case goes to court I hope it’s going to shine a big bright light on the fact that a lot of the fine arts market has been a giant tax dodge scam for decades. 🤞
Not that it’s been a secret, but exposure is good.
Yep. People shit on nfts all day long for good reason, but ultimately they’re just an extension of the art world in general being a market for scams and dodgy practices.
All of this NFT art is so ugly. If it was unique in a visually pleasing way—okay buy it. But to me, all of these images just look basically the same but with a new background or accessory.
Are there any actually good looking NFT series?
Every NFT I’ve seen looks like dogshit, and crypto enthusiasts get so angry when I point it out.
I have some that I didn’t pay for and they also look fkn stoopid. Like the artists are people who just discovered how to use Photoshop last week, but never learned how to draw
NFTs were doomed anyway because AI art can do such a better job than artists and completely flooded the market.
NFTs were doomed because of what they are.
Getty, the giant corporate image copywriting company, is essentially selling images with the same intent that NFTs were created for. The only difference is that once the image is sold on Getty, it’s actually sold. Finding another copy of the image is nearly impossible. The image then actually has value and most importantly, sole ownership.
I tried to find a photo I saw in a TV show and found they bought it from Getty. That photo is gone from the internet. Aquiring it would mean contacting the TV studio with the cash ready to buy the rights and use of it. They bought it for maybe $30. Buying it from them would be an astronomical price and would take a lot of work. Buying to resell would be a gamble on the shows long-term popularity.
So instead of buying an image outright, owning it forever, and having all control of it’s use, you could buy an NFT that anyone can download, claim you own it yet never be able to access the original file, and you don’t have any reasonable right to claim copyright. It’s just nonsense pump and dump bullshit.
Would I buy a pet rock? No, but that didn’t stop people from buying pet rocks.
Wish I could feel sorry, but so much of the NFT audience responded with such smugness and superiority to any warning and criticism, that it is hard to summon any other feeling than schadenfreude
We tried to warn them… Their fault.
But I like how quiet the cryptobros in my vicinity have been over the last year. Not a single one told me to buy crypto in a while.
I gotchu, fam. Buy XMR.
Thanks^^
Hahahahahaha
Whaaaaaaaaaat? Who could have possibly have seen this coming??
lmao even they can never be a true investor
This is the best summary I could come up with:
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.
“Sotheby’s representations that the undisclosed buyer was a ‘traditional’ collector had misleadingly created the impression that the market for BAYC NFTs had crossed over to a mainstream audience,” the lawsuit claimed.
Investors previously sued Bored Ape creator Yuga Labs, four company executives, and various celebrity promoters including Paris Hilton, Gwyneth Paltrow, Kevin Hart, Snoop Dogg, Serena Williams, Madonna, Jimmy Fallon, Steph Curry, and Justin Bieber.
The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges.
Ethereum blockchain transaction data shows that after the auction, “Sotheby’s transferred the lot of BAYC NFTs to wallet address 0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3,77 which, upon information and belief, is owned/controlled by FTX,” the complaint said.
“While the Executive Defendants made hundreds of millions of dollars, investors were left with NFTs worth a fraction of their artificially inflated value,” the original version of the complaint in December said.
I’m a bot and I’m open source!
Some schadenfreude is definitely warranted, but the lawsuit may have merit.
I think that’s exactly right. It was a grift, after all.
I just don’t understand how anyone could have fallen for it. Let alone people with this kind of money, who have all the information in the world at their fingertips. Is it just about them finding certain techbros charismatic? Ooh, they have money, I’d better give them my money so that I can have money too?
Flabbergasting, the whole lot of it.
Wow who would’ve thought
Yeah. They really should’ve bought the lion!
Seriously though. This was so obvious right from the start. I can’t believe how gullible and naive people are.
