Dapper Labs settled a lawsuit accusing it of violating securities laws by selling digital collectibles without proper registration.
Dapper Labs, the creator of the once highly-popular NBA Top Shot Moments NFT collection, announced on Monday it had settled a class-action lawsuit alleging the company violated securities laws by improperly selling the digital collectibles.
"The settlement in the Friel vs. Dapper Labs case further asserts Dapper Labs’ conviction that NBA Top Shot Moments are not securities under federal law," the Dapper Labs said in a statement. The lawsuit's plaintiffs alleged that Dapper Labs made hundreds of millions of dollars in profit by selling unregistered securities while artificially “propping up the market" for its NFTs. They also accused Dapper Labs of "preventing users from withdrawing their money for months on end," according to a report in The Verge.
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