Pepe the Frog has been a familiar figure on the Internet since its inception almost two decades ago. But no one could’ve guessed the meme would be involved in a bizarre lawsuit that’s seeking half a million dollars.
The cartoon frog originated from the comic Boy’s Club, which was released in 2005 by Matt Furie. Since then, Pepe has become the center of many viral posts, memes, and most recently, non-fungible tokens (NFTs).
RELATED: NFT Worth $1 Million Accidentally Sells For Less Than A Cent
But in its NFT form, Pepe has caused some serious controversy. It started in October 2021, when Furie held an auction to sell off a Pepe the Frog NFT featuring the character in an eyebrow-raising position.
The digital asset showed the frog waist-deep in a pool of water with a waterfall in the background. But the eye-catching part of the happens to the frog’s backside, as Pepe’s butt is on full display as it peeks out of the water.
According to Kotaku, Furie was only auctioning off a single NFT featuring the image at the time. However, he made it clear he also had 99 other NFTs featuring the same image, which would not be put up for sale.
NFT collector Halston Thayer eventually scooped up the digital asset in cryptocurrency totalling over $500,000 USD Everything seemed copasetic with the transaction, until Furie released 46 of the other 99 NFTs only weeks later. What was controversial was that Furie did so for free.
In response to the surprising move, Thayer launched a lawsuit against Furie and his associate companies for half a million dollars to recoup what he paid for the first NFT. Thayer’s legal team argues that by releasing the 46 NFTs for free, it immediately devalued the one he purchased. He claims it’s worth less than $30,000 at this point.
The NFT collector’s lawyers go so far as to argue Furie is guilty of fraud and unfair compensation.
“This action arises from Defendants’ unlawful, unfair, and fraudulent business practices, which includes their unfair, deceptive, untrue, and misleading advertising and wrongful actions with respect to an auction for a particular nonfungible token (“NFT”) that led Plaintiff and others to grossly overbid on the NFT,” court documents state.
Thayer is not only demanding that he be compensated for the full price of the NFT he bought at the auction, but also for reasonable damages.
Thayer’s lawyer Rob Freund has been updating his followers about the case on Twitter, including sharing a link to the public court documents.
“Guy spends $500k+ on a Rare Pepe NFT he believed was the only one being auctioned, later learns 46 of them were given away for free,” Freund explained in the tweet. “Sues Matt Furie yesterday for $537,084, plus punitive damages and attorneys’ fees.”
The case remains ongoing. TheRichest will keep you updated as more information becomes available.
Sources: Kotaku, Court Listener,
Source: Read Full Article
