Playboy Files Fraud Lawsuit Against Blockchain Startup
Playboy, an adult entertainment publisher, has violated a contract signed by both companies earlier this year, claiming the Canadian blockbuster was a fraud.
According to a lawsuit filed in the Los Angeles High Court early in August, Playboy and Global Block Chain Technology (GBT) will help GBT help Playboy integrate the Vice Industry Token (VIT) into its platform ).
Playboy used tokens to give viewers compensation for watching videos, commenting, and voting content.
Playboy also announced the sale of tokens and announced it would introduce a cryptocurrency wallet on its website to support a variety of coins that users can spend and make. In May, GBT also announced that it is working with Playboy Enterprises Inc. to integrate Digital Wallet for VIT into the Playboy.tv portal.
Under the terms of the agreement, GBT is expected to provide "free" technical support to Playboy and license the Playboy trademark to its promotion by paying $ 4 million. The lawsuit says the lawsuit must be filed on July 16.
In addition, GBT added that the Vice Industry Token website should eliminate references to pornography and "reorganize the VIT website into a video / entertainment-oriented brand."
Playboy claimed that GBT did not provide the services to support this technology, reorganized the VIT site or paid $ 4 million. But GBT fascinated investors with Playboy's brand and falsely said that all of the company's projects were "on schedule."
The playboy did not specifically state that it requested compensation for damages in the lawsuit.
GBT's Chairman Shidan Gouran told CoinDesk, "Playboy's claims are not good" and GBT did not provide details on the current status of VIT wallet, but GBT is "actively defending it in casual lawsuits".
Playboy delegates did not respond to requests for comment through the media.
Please read the entire litigation below.
Playboy v. Global block chain (CoinDesk by Scribd)
Playboy image via Faiz Zaki / Shutterstock
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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