Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ADOPTION NEWS»Dapper Labs Settles NBA Top Shot Moments Lawsuit for $4 Million
ADOPTION NEWS

Dapper Labs Settles NBA Top Shot Moments Lawsuit for $4 Million

By Crypto FlexsJune 4, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Dapper Labs Settles NBA Top Shot Moments Lawsuit for  Million
Share
Facebook Twitter LinkedIn Pinterest Email

Dapper Labs, creator of the once wildly popular NBA Top Shot Moments NFT collection, announced Monday that it has settled a class-action lawsuit alleging that the company violated securities laws by improperly selling digital collectibles.

According to court documents provided by Dapper Labs, the company agreed to settle the lawsuit for $4 million. The money will be allocated to a settlement fund that can be used by eligible claimants, the document also said.

“The settlement in Friel v. Dapper Labs further affirms Dapper Labs’ conviction that NBA Top Shot Moments is not a security under federal law,” Dapper Labs said in a statement.

Dapper Labs’ success in resolving the case is significant considering that the judge overseeing the case last year found that NBA Top Shot Moments NFTs met the requirements to be considered a security, allowing the Friel v. Dapper Labs lawsuit to proceed. It represents a bit of a twist.

Plaintiffs in the lawsuit alleged that Dapper Labs made hundreds of millions of dollars in profits by selling unregistered securities while artificially “supporting the market” for NFTs. They also accused Dapper Labs of “preventing users from withdrawing money for months on end.” According to a report in The Verge.

The case was originally filed in 2021 in the U.S. District Court for the Southern District of New York.

Proving the legitimacy of the CEO

Dapper Labs co-founder and CEO Roham Gharegozlou, who was named as a co-defendant in the lawsuit along with the company, appeared to be vindicated by the settlement. “We are pleased with the outcome of today’s agreement, which marks an important step forward for Dapper Labs and the Flow community,” he said in a statement.

NBA Top Shot NFTs are issued on the Flow blockchain created by Dapper Labs.

In a statement, Dapper Labs pointed out that there are four “additional” marketplaces that are “approved to display and sell NBA Top Shot Moments” starting in March 2022. “This expansion gives collectors more flexibility and the opportunity to trade and enjoy moments with the full support of the NBA and NBA Players Association,” Dapper Labs said.

Monthly trading volume for NBA Top Shot NFTs peaked at $226 million in February 2021, according to CryptoSlam data. Like most other top NFT collections, NBA Top Shots has seen a significant drop in trading volume.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025

AI starts a cost -effective batch API for LLM request.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Join Earn Mining To Mine Easily And Earn $7752 A Day

June 26, 2025

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Weed® Announces Partnership With Khalifa Kush; Launches Global Commercialization

June 26, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025
Most Popular

Price speculators recorded the biggest single-day loss of $774 million YTD amid Bitcoin’s upward trajectory.

February 29, 2024

DWF Labs partners with MOBOX to power UGC gaming

December 19, 2023

Cardano’s increased transaction volume may be ADA’s biggest failure. – how?

January 23, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.