this post was submitted on 17 Aug 2023
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So the idea is that because FTX and Yuga Labs were all mixed up in each other's business, and because FTX was secretly the buyer of the Bored Apes, then functionally this was a giant wash trade, one step removed. A sham auction whose purpose was to blow up the price of NFTs, and Sotheby is supposed to be culpable because they participated in the sham and lent it legitimacy with their reputation.
That seems like a pretty legit complaint.
I mean, I have no sympathy for the people who got fucked buying NFTs but I have even less sympathy for the people who did the fucking, so absolutely let this lawsuit happen and let them burn.
I think this hinges on whether Sotheby knew FTX was the buyer and intentionally misrepresented that fact, and that sounds likely.
That said:
I think that's actually pretty hilarious. So the price started inflated, hype ramped it up to almost double after the auction, then it crashed ~80% over a few weeks, and now it's almost half that crashed price. Why are they still worth ~$50k?
Screw everyone involved. I hope it's a long, expensive lawsuit for everyone.