Playboy Files Fraud Lawsuit Against Blockchain Startup

August 15, 2018


Adult entertainment publisher Playboy is suing a Canadian blockchain startup for fraud and breaching a contract the two companies signed earlier this year.According to a lawsuit filed in early August with the Los Angeles Superior Court, Playboy and Global Blockchain Technologies (GBT) signed a memorandum of understanding in March stating that GBT would help Playboy integrate the Vice Industry Token (VIT) onto its platforms. Playboy planned to use the token to reward its audience for watching videos, writing comments and voting on content.At the time, Playboy also announced a token sale, saying it would introduce a cryptocurrency wallet on the company's websites to support various coins for users to spend and earn. In May, GBT also announced it was working with Playboy Enterprises Inc. to integrate the digital wallet for VIT into the portal. Under the agreement, GBT was expected to provide technical support "at no cost" for Playboy and pay the company $4 million to license the Playboy brand in its own promotional materials. The payment was due on July 16, the lawsuit said.

Further, GBT was supposed to purge any mentions of pornography from the Vice Industry Token's website and "rebrand the VIT website as more generally video/entertainment-oriented."


Share on Facebook
Share on Twitter
Please reload

Featured Posts

#Binance Adds #BTT/PAX, BTT/TUSD and BTT/USDC Trading Pairs

February 14, 2019

Please reload

Recent Posts
Please reload

Beginner's Bitcoin Buying Guide

Learn how to buy

bitcoin with this free step by step guide for  beginners.

Click here to read

Please reload


© 2018 by  - email  us:

Terms of Use and Privacy Policy Disclaimer: Most of the articles, ratings, and reviews are posted because we are compensated in some way.

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square