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Playboy is suing a cryptocurrency firm

15 Aug, 2018
by Arthur Sillers
News
Playboy is suing a cryptocurrency firm

According to the LA times, Playboy Enterprises has filed a suit against a cryptocurrency tech start up, alleging that it fraudulently failed to fulfill promises to integrate the adult magazine's media empire with blockchain technology and has criminally breached its contract.

Playboy had previously announced a plan to create a digital payment system and cryptocurrency called Vice Industry Token, a plan to be implemented by Global Blockchain Technology. Now, Playboy is seeking compensation and punitive damages against Global Blockchain Technologies, claiming that the tech company has neglected to live up to their end of the bargain, and declined to pay Playboy $4 million which it owes them.

Global Blockchain Technologies disputes the characterization of the lawsuit as fraud, claiming that charge is frivolous and that the suit is a "normal dispute" in commercial proceedings, further claiming a 'strong defense.'

Adult entertainment business have increasingly become an industry which is toying with adopting cryptocurrency, drawn by their ability to facilitate anonymous and discrete payments. Recently, adult website Pornhub has started accepting TRX tokens as payment for their premium memberships, as previously reported.

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