Tag: lawsuit

Nike Sued: RTFKT NFT Holders Claim $5M Loss. What Happened?

Nike Sued: RTFKT NFT Holders Claim $5M Loss. What Happened?

• Facts

Nike faces a class-action lawsuit of its own in federal court in Brooklyn. The company is accused of carrying out a “rugpull” when it suddenly terminated the RTFKT platform. Investors are sounding the alarm on “substantial harm.” They are seeking $5 million in damages for the harm they suffered when...

Nike Faces $5M Lawsuit Following RTFKT NFT Unit Shutdown

Nike Faces $5M Lawsuit Following RTFKT NFT Unit Shutdown

• NFT Drops

Nike is still in the middle of a $5 million class action lawsuit. This comes on the heels of their decision to close the NFT subsidiary, RTFKT, at the end of December 2024. Australian Jagdeep Cheema is at the head of the class action. He alleges that the shutdown caused...

Nike's $5M NFT Lawsuit: Regulatory Wake-Up Call or Justified Panic?

Nike's $5M NFT Lawsuit: Regulatory Wake-Up Call or Justified Panic?

• Commentary

Nike’s hit with a $5 million class action lawsuit over its RTFKT NFT platform shutdown. With investors justifiably furious, watching their hard-won digital assets go up in smoke. Is this simply buyer’s remorse in a rocky economy? Or does it only signal to us a far deeper truth about the...

Nike's NFT Lawsuit: A Warning Sign for Wall Street's Web3 Dreams?

Nike's NFT Lawsuit: A Warning Sign for Wall Street's Web3 Dreams?

• Commentary

Wall Street has been ecstatic over Web3, luring investors with the allure of disruptive innovation and sky-high profits. Are they actually equipped to handle the Wild West of digital assets? Nike’s newly settled NFT lawsuit may be what’s needed to bring the NFT industry back down to earth.Regulation's Shadow Looms...

Nike Sued Over "Worthless" NFTs as Market Plummets

Nike Sued Over "Worthless" NFTs as Market Plummets

• NFT Drops

The clothing behemoth is now embroiled in a lawsuit brought against it by angry NFT purchasers who allege that the brand’s digital tokens constitute unregistered securities. The lawsuit arrives at a time when the NFT market is facing a drastic collapse, with millions in digital assets plummeting in value. This...

Nike's NFT Lawsuit: A Wake-Up Call for Web3 Regulation?

Nike's NFT Lawsuit: A Wake-Up Call for Web3 Regulation?

• Commentary

Nike’s being sued for suddenly shutting down RTFKT? Alright, on the surface, this is nothing new—another company trying to navigate the often-volatile space of NFTs. Dig a little deeper, and you’ll find an invitation revealed under a flashing neon sign. This signal underscores the real Wild West nature of Web3...

Nike NFT Lawsuit: A $5M "Rug Pull" or Just Business?

Nike NFT Lawsuit: A $5M "Rug Pull" or Just Business?

• Facts

The NFT space can be a bit of a wild west, a place where speculation meets innovation. Sometimes, that collision leads to legal battles. A trademark battle is quickly shaping up between Nike and StockX. Nike claims trademark infringement and unfair competition because StockX sells Nike-branded Vault NFTs, an NFT...

Nike Faces Lawsuit Over Crypto Venture Closure

Nike Faces Lawsuit Over Crypto Venture Closure

• NFT Drops

Nike Inc. is now caught in the crossfire. This legal duel—case no. 25-02305—follows the company’s recent announcement that it will shutter its crypto operations. The lawsuit, filed on Friday, argues that the shutdown stranded purchasers of these digital assets with digital wares of greatly reduced value. Jagdeep Cheema is an...

Nike's $5M NFT Lawsuit: A Wake-Up Call for Unregulated Crypto Assets?

Nike's $5M NFT Lawsuit: A Wake-Up Call for Unregulated Crypto Assets?

• Commentary

Nike's facing a $5 million lawsuit over its Nike-themed NFTs, led by an Australian resident, Jagdeep Cheema, and it's not just about refunds. This lawsuit was originally filed in the Eastern District of New York. It asks whether Nike deceived consumers regarding the safety and worth of its digital goods...

Nike Faces $5 Million Lawsuit Over NFT Offerings

Nike Faces $5 Million Lawsuit Over NFT Offerings

• NFT Drops

Nike’s upcoming lawsuit, which is centered around its non-fungible tokens (NFTs), could see plaintiffs in the case demand damages of more than $5 million. The complaint brings claims for violation of consumer protection laws in every state that loans were made to. The central dispute is around the claim that...

Japan's Bitcoin Revolution: A Boon for Artists and Web3 Creators?

Is Japan on the verge of accidentally unleashing a tsunami of creative destruction and financial liberation onto the rest of the emerging markets? I know this seems like a tall order, but hear me out. Japan’s regulatory change to officially recognize Bitcoin as a financial product. This step is a...

5 Ways This Crypto Bill Empowers Southeast Asian Artists, Not Wall Street

Let’s be honest, when you hear about crypto regulation, your first thought probably isn't Southeast Asian artists finding new avenues for creative expression. Surely visions of Wall Street honchos and inscrutable derivatives dance in your head. Well, what if I told you that the Senate’s Banking Committee just released their...

Crypto's 'Light-Touch' Regulation Gamble Will It Protect You?

The Senate Committee’s proposed “light-touch” regulatory framework for crypto is a long high-stakes poker game. Are we all truly holding a winning hand, or are we collectively bluffing our way into a future financial crisis? It’s a question every investor, every innovator, and frankly, every citizen should want to know....

Trump Jr. at KBW2025: Web3's Mainstream Moment?

Donald Trump Jr.’s scheduled keynote address at KBW2025 is raising eyebrows and inspiring intense discussion across the Web3 ecosystem. He’s just a high-profile guy shaking things up in the crypto world. His presence further exemplifies the increasing importance of blockchain technology and its potential to revolutionize the traditional economy. Does...

Trump Jr. at KBW2025: Web3's Punk Rock Moment or Sellout?

Or I think about Nandar, a wonderful Burmese artist that I met in Yangon, sharing with me her latest NFT collection. Each work exploded with vivid imagery, bravely fighting back against the junta’s repressive hold. She began selling them directly to supporters around the world, allowing her to cleverly sidestep...

KBW2025: Is Trump Jr. Web3's Trojan Horse or its Savior?

Donald Trump Jr. at Korea Blockchain Week? It's a head-scratcher, isn't it? About as easy as locating a MAGA hat at a Burning Man soirée. Before we put this down as just another short-lived publicity stunt, let’s take a closer look at what this could IoTally Web3 means. Cynical ploy...

Schiff's Crypto Ban: Is He Protecting Us or Silencing Innovation?

Senator Adam Schiff's proposed crypto ban, the COIN Act, aimed at preventing the President (read: Donald Trump) from dabbling in digital assets, raises a critical question: Is this genuine protection against corruption, or a veiled attempt to stifle innovation, especially for emerging markets? Let's be real, the optics are terrible....