Playboy Sues Canadian Blockchain Firm For Fraud And Breach Of Contract
Beverly Hills-based Playboy Enterprises is suing Canadian firm Global Blockchain Technologies (GBT), asserting that it neglected to incorporate blockchain innovation into Playboy’s online media channels, the Los Angeles Times announced August 14.
Playboy Enterprises purportedly filed a lawsuit in Los Angeles County Superior Court, blaming the Canadian organization for extortion and breaking an agreement, which the two organizations signed in March.
Per the terms of the understanding, GBT would incorporate the Vice Industry Token (VIT) on Playboy’s media websites. Playboy said that the blockchain firm neglected to adhere to the requirements, as well as discarded a payment of $4 million it guaranteed in the agreement.
Presently, Playboy is looking for remuneration, the amount of which has not been unveiled. GBT expelled the claim as a “normal dispute” between two organizations, saying that the charge of misrepresentation is “frivolous.” The organization told the Los Angeles Times:
“Global believes it has a strong defense to the action and will be vigorously defending same.”
In March, Playboy initially declared it intends to establish an online wallet that would empower clients to utilize crypto to pay for the organization’s online media and bolster the Vice Industry Token. Later in May, GBT reported it was taking a shot at the Playboy wallet, including an interface to a different platform.
VIT brought $22 million up in Ethereum in the initial 24 hours of its Initial Coin Offering (ICO). The blockchain-controlled platform for the grown-up industry rewards watchers on site with VIT for watching content.
The adult media outlet has been slowly embracing digital currencies. In April, streaming site Pornhub cooperated with cryptocurrency Verge (XVG) to acknowledge the coin as a payment choice for Pornhub buys. Pornhub Vice President Corey Price said in an official statement:
“History has proven that the adult entertainment industry plays a critical role in adoption for innovative technology. We saw that with VHS, Beta Max, credit card payment icons and, most recently, VR goggles. We expect to see widespread adoption of crypto and blockchain in short order.”
