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N/A.US
id: 1382

Midnight Hub (Rooms.TV) NFT Fraud Case

N.D. California
Court
3:24-cv-07704
Case number
01/15/2023
Class period Start
03/31/2024
Class period End
  • Investors sued Midnight Hub, claiming the company misled them by selling NFTs as profitable investments for a Web3 platform that was never built.
  • After the arrest of co-founder Brian Veluz-Nepomuceno for fraud in November 2024, the value of the NFTs plummeted to near zero.
  • Midnight Hub investors can join this case to be notified about potential recovery.
Case Details:

On January 15, 2023, Midnight Hub started selling ROOMS NFTs, promoting them as part of a Web3 platform that would offer rewards like staking, exclusive features, and profit-sharing.

By October 25, 2023, they added Digital Nomads NFTs, claiming that owning both types would unlock even more rewards, including future revenue sharing.

But by late 2023, it became clear these promises were empty. The company hadn’t made any real progress on the platform and stopped providing updates.

On November 8, 2023, Midnight Hub sent its last message before going silent. Soon after, the NFTs lost almost all their value.

Based on these events, Midnight investors filed a lawsuit against Midnight Hub, accusing the company of the following:
  • It misrepresented the future of its Web3 project to entice NFT purchases.
  • It promised profit-sharing and benefits without any plan or means to deliver.
Investors believe Midnight Hub misled them by making big promises about its Web3 platform without any real plan to deliver.
Case Status
Initial Complaint
Alleged Offence
Misleading Statements, 
Financial Misrepresentation, 
Fraud, 
Failure to Disclose
Suspected Party
Directors, 
Management
Security Type
Crypto Asset
Trade Direction
Long
Shock Event Date
11/08/2023
Filing date
11/05/2024
Collecting participants…