decrypt.co
Yuga Labs has filed a lawsuit against Ryder Ripps, claiming the online provocateur has been "scamming" buyers with falsely equivalent NFTs in a "deliberate effort to harm Yuga Labs at the expense of consumers."
(2/2) ... us and the BAYC community, we have filed a lawsuit against the responsible parties. We will continue exploring and pursuing all legal options at our disposal.
— Yuga Labs (@yugalabs) June 25, 2022
NFTs, or non-fungible tokens, are unique blockchain tokens that prove ownership over digital or physical assets, such as pieces of artwork or items in video games.
Ripps, referred to in the suit as "a self-proclaimed 'conceptual artist,'" is the creator of RR/BAYC, an Ethereum NFT collection that features BAYC images he did not purchase. OpenSea, the largest NFT marketplace, has since removed Ripps' collection because of "a claim of intellectual property infringement," but not before it saw nearly $3.5 million in total volume traded.
Ripps responded to the lawsuit on Twitter, but he didn't respond to Decrypt on Friday when asked for additional comments about being called a "demented troll" by Yuga Labs co-founder Gordon Goner (real name Wylie Aronow).
are they going to sue dame dash and ethan klein too?
— RYDER-RIPPS.ETH 🔜 (@ryder_ripps) June 25, 2022
Yuga Labs, in part, wrote on Twitter on Friday that the group "will continue to be transparent with our community as we fight these slanderous claims" and that it "will continue exploring and pursuing all legal options at our disposal."
The company, valued at $4 billion, is seeking a jury trial.
From the lawsuit: "This is no mere monkey business. ... These actions are calculated, intentional, and willful with the stated purpose of causing actual and monetary harm to Yuga Labs and to the holders of authentic Bored Ape Yacht Club NFTs."