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Yuga Labs May Face a Possible Class-Action Lawsuit

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Today’s Cryptocurrency Headline

Law firm Scott+Scott is currently organizing a class action lawsuit against Yuga Labs. The lawsuit will allege that Yuga Labs falsely marketed Bored Ape NFTs and ApeCoins as securities with guaranteed returns, but which in reality plummeted in value over the last three months. The law firm has yet to file a formal complaint in U.S. federal court. Scott+Scott is still in the process of assembling plaintiffs who suffered losses from purchasing Yuga-backed NFTs and tokens between April and June.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, Digital asset investment products saw inflows totalling US$30m last week, while late reporting of trades from the prior week saw inflows corrected from US$12m to US$343m, marking the largest single week of inflows since November 2021. Bitcoin is down 5.72% over the last 24 hours and fell to an intraday low of $21,514.03. The largest cryptocurrency fell below the 20-day exponential moving average (EMA) ($21,817), suggesting that the bears are increasing the selling pressure. If bears sustain the price below the 20-day EMA, the BTC/USDT pair could fall to $20,000.

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