The plaintiffs, Anthony Shnayderman and Itai Bronshtein, initiated the suit on September 19 in Florida, according to a report by Law.com.
Two users of the prominent non-fungible token (NFT) marketplace OpenSea have filed a class-action lawsuit in a U.S. federal court, accusing the platform of selling unregistered securities contracts.
The plaintiffs argue that certain NFTs purchased through OpenSea, including those from the once sought-after Bored Ape Yacht Club collection, have become worthless due to their purportedly illegal nature.
Central to their case is OpenSea’s recent disclosure of receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC). A Wells notice is a formal notification indicating that the SEC has concluded an investigation and may bring an enforcement action against the recipient.