• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

New York Court Reviews New NFT Fraud Case

user avatar

by Giorgi Kostiuk

2 years ago


On October 9, a federal court in New York received a lawsuit from a group of 36 NFT holders who accused the Meta Eagle Club project and its creator, artist Gal Yosef, of fraud.

Allegations Against Meta Eagle Club

The group claims that the Meta Eagle Club was merely a cover for what they call an "exit scam" in the name of Eden Gallery. The project earned about $13 million from February 2022 to November 2023 by selling approximately 12,000 unique eagle NFTs.

Deceptive Promises and Discrepancies

According to the group, club members were enticed with promises of exclusive privileges and events in the metaverse, which were not delivered. The group asserts that the project's team lacks knowledge in blockchain and smart contract development and doesn't understand basic software development.

Previous Lawsuits Against NFT Frauds

This case isn't unique: on September 19, two OpenSea users filed a lawsuit accusing the platform of selling unregistered securities contracts. In May, a user filed a suit against Dolce and Gabbana for being late in providing NFT products, leading to a loss in their value.

Recent events underscore the importance of cautious investing in NFT and digital asset-related projects. The growing number of lawsuits highlights the need for stricter regulation and better investor information.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

UK Lawmaker Requests FCA Investigation into Nigel Farage's Cryptocurrency Involvement

chest

Daisy Cooper requests FCA investigation into Nigel Farage's promotion of Stack BTC and potential market abuse.

user avatarMaria Fernandez

UK Government Implements New Restrictions on Cryptocurrency Donations

chest

UK Government implements new measures to restrict cryptocurrency donations to political parties amid concerns over foreign financial influence.

user avatarDiego Alvarez

Regulatory Crackdown on South Korean Crypto Exchanges

chest

Regulatory crackdown on South Korean crypto exchanges follows penalties on Bithumb and Coinone, indicating a broader regulatory push.

user avatarElias Mukuru

Coinone Faces Regulatory Action for Compliance Failures

chest

Coinone has been fined 4 million and received a three-month partial suspension for failing to verify user identities and conducting transactions with unlicensed foreign platforms.

user avatarKenji Takahashi

USDT and USDC See Lowest Active Addresses on Ethereum Since December

chest

Onchain data shows that USDT and USDC on Ethereum have reached their lowest active addresses since December 2022, indicating reduced transaction activity.

user avatarGustavo Mendoza

Presidio Bitcoin Unveils Report Addressing Quantum Risks to Bitcoin

chest

The nonprofit group Presidio Bitcoin has published a technical report addressing the risks that quantum computing poses to the Bitcoin network, highlighting vulnerabilities and proposing mitigation strategies.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.