Playboy Sues Cryptocurrency Company for Fraud and Breach of Contract

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The L.A. Times has reported that Playboy Enterprises is suing a cryptocurrency tech company over failure to create a digital currency wallet for payments.

Canadian cryptocurrency tech company called Global Blockchain Technologies (GBT) is alleged to have failed to fulfill an agreement reached by both companies.

The alleged fraud is linked to an agreement between the two parties in regards to integrating blockchain technology across a multitude of Playboy’s online media channels and platforms.

A lawsuit was recently filed in the Los Angeles County Superior Court. It asserts that in March 2018, Playboy reached an agreement with Global Blockchain Technologies (GBT). The deal was that GBT would apply the third-party cryptocurrency, Vice Industry Token, on Playboy’s sites.

The L.A.-based adult entertainment network is now seeking damages and unspecified compensation, while GBT has been quite nonchalant about the lawsuit by calling it a “normal dispute” that can happen between two entities.

“Global believes it has a strong defense to the action and will be vigorously defending same.”

Playboy is not the first representative of the adult industry which allows its users to take advantage of cryptocurrencies. Recently, adult website Pornhub started accepting TRX tokens as payment for their premium memberships.

Read More: https://news.bitzamp.com/playboy-sues-cryptocurrency-company-for-fraud-and-breach-of-contract/