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Playboy Sues Cryptocurrency Company for Breach of Contract

Rohnak
Rohnak

The parent company of famed adult magazine, Playboy Enterprise has reportedly filed a case against cryptocurrency company Global Blockchain Technologies(GBT) on breach of contract and other allegations.

As crypto revolution continues to accelerate, more and more companies are adopting cryptocurrency. But there are some cases wherein the accepting company end up with conflict of interest.

Earlier in March, the company made an announcement regarding its engagement with GBT to provide payment wallet for its chain of business. Initially, the company was willing to try the  Vice Industry Token (VIT) with a new wallet on Playboy TV and further expand it to other businesses based on community adoption.

But in an unprecedented event, the Playboy ended up filing a lawsuit against Canada-based GBT and claimed to have entered an agreement to implement the blockchain technology into Playboy magazine’s online channels.

As reported on L.A.Times, the case is registered in Los Angeles County Superior Court and statement reads as below,

“The Beverly Hills-based Playboy is seeking unspecified compensatory and punitive damages, according to the suit filed by attorneys from Akin Gump Strauss Hauer & Feld. GBT dismissed the suit as a ‘normal dispute’ between two commercial parties, adding that the allegation of fraud is ‘frivolous.'”

The Playboy claims that GBT  “did not made good on the deal and also failed to pay the $4 million it promised as part of the agreement.

Interestingly, when GBT responded that,

“GBT dismissed the suit as a ‘normal dispute’ between two commercial parties, adding that the allegation of fraud is ‘frivolous.'[..]Global believes it has a strong defense to the action and will be vigorously defending same”

By the very nature of cryptocurrency, it provides anonymity to users and in this regard, many adult industries are exploring this market. Also, this eliminates the heavy transactional fees involved in the traditional payment system.

It is noteworthy to mention that popular adult industry such as Pornhub and Brazzers have already announced cryptocurrency payment on their sites. It remains to be seen how this will be a game changer in the adult industry.

What do you think of lawsuit filed by Playboy? Share your thoughts in the comment section below.

 

lawsuitplayboy

Rohnak

I have been following blockchain and crypto technology since its emergence.