Cryptocurrency Company Being Sued by Playboy for Fraud and Breach of Contract

2018-8-15 00:37

A Canadian cryptocurrency company called Global Blockchain Technologies is facing legal troubles from Playboy, the famous adult magazine company.

Details of the Legal Tussle

According to the Los Angeles Times, Playboy Enterprises is suing Global Blockchain Technologies on allegations of fraud and breach of contract. The adult magazine company claims that the cryptocurrency company failed to fulfill an agreement reached by both companies.

In March 2018, Playboy announced that it was developing an online payment wallet. This wallet would support a variety of virtual currencies across the company’s online media, digital, and casual gaming businesses. One of the company’s platforms, Playboy.TV, was expected to be the first to feature the new wallet. This would enable the online platform to receive Vice Industry Token and other crypto tokens.

The 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. To Playboy’s disappointment, GBT didn’t fulfill its part of the deal and also failed to pay the agreed $4 million.

The adult company is seeking compensatory and punitive damages. The cryptocurrency company has, however, dismissed the suit, calling it a “normal dispute” between two commercial parties. It also called Playboy’s allegation of fraud, “frivolous”.

GBT announced in May 2018 that it was working with the adult magazine company on the wallet, including an interface to the various platforms. At the moment, both companies have declined to comment on the provision.

Cryptocurrency and the Adult Entertainment Industry

Playboy is one of the many adult entertainment brands adopting cryptocurrency as a way of evading traditional payments that come with a high processing fee. Sites like Pornhub and Brazzers are not left out, as they have announced that they are accepting cryptocurrency payments. Pornhub announced in June that it was going to expand its cryptocurrency payment options to include Tron. In April 2018, the site announced on its blog that it had accepted the digital currency Verge as payment.

Because of the high level of anonymity associated with cryptocurrency transactions, many adult entertainment brands find it appealing. For these brands, it protects the privacy of its customers who can transact and enjoy their services discretely. The nascent industry may not be widely adopted, but it is sure getting the attention of different sectors.

The post Cryptocurrency Company Being Sued by Playboy for Fraud and Breach of Contract appeared first on UNHASHED.

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