Zinger Key Points
- Yuga Labs claims that Ryder Ripps has been defrauding NFT buyers
- Following the lawsuit, NFT marketplace, OpenSea, has removed Ripps' collection.
- Don’t miss this list of 10 overlooked stocks—including one paying a 9% dividend—before Wall Street catches on.
Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT project and Otherside metaverse, has recently filed a lawsuit against Ryder Ripps.
Yuga Labs claims that Ryder Ripps has been defrauding buyers with falsely equivalent NFTs in a "deliberate effort to harm Yuga Labs at the expense of consumers."
In the lawsuit, Ripps is referred to as "a self-proclaimed 'conceptual artist,'" and the creator of RR/BAYC, an Ethereum NFT collection that features BAYC images he did not purchase.
Post allegations, NFT marketplace OpenSea, has removed Ripps' collection because of the claim of intellectual property infringement, but not before it saw nearly $3.5 million in total volume traded.
Also Read: How A Hacker Stole $360,000 Worth Of NFTs From Bored Ape Yacht Club's Discord Server
Ripps responded to the lawsuit on Twitter.
Yuga Labs further added on Twitter, saying it "will continue exploring and pursuing all legal options at our disposal."
Photo: ArtMediaWorx via Shutterstock
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