U.S. District Court for the Southern District of Florida in Miami. Photo: Michael A. Mora/ALM. OpenSea Faces Class Action Lawsuit in Miami Over NFT Sales
"We're not just suing OpenSea in a class action like other lawsuits that will follow ours; we want to use this litigation to help create the framework of NFTs moving forward," said Adam Moskowitz, the managing partner at the Moskowitz Law Firm.
September 20, 2024 at 12:08 PM
4 minute read
Cryptocurrency
The original version of this story was published on Daily Business Review
What You Need to Know
- The U.S. Securities and Exchange Commission issued a Wells Notice to Ozone Networks Inc. or OpenSea.
- The plaintiffs alleged that OpenSea misled investors that the NFTs sold on its website did not constitute the sale of securities.
- The attorney behind the class action said he has reached out to OpenSea to create a framework for NFT regulation and encouraged others to contribute.
The non-fungible token marketplace OpenSea has been hit with a securities class action in a federal district court in Miami over its alleged scheme to mislead investors that the NFTs sold on its website did not constitute the sale of securities, despite a clear indication from the U.S. Securities and Exchange Commission that they did.
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