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The adult entertainment publisher Playboy sued a Canadian startup company for fraud and violated a contract with the two companies signed at the beginning of this year.
According to a complaint presented at the beginning of August with the Supreme Court of Los Angeles, Playboy and Global Blockchain Technologies (GBT) signed a memorandum of understanding in March stating that GBT would help Playboy to integrate the Vice Industry Token (VIT) on its platforms.
Playboy plans to use the token to reward the audience for watching videos, writing comments and voting on content.
At that time, Playboy also announced a token sale, saying it would introduce a cryptocurrency portfolio on the company's websites to support various coins to spend and earn for users. In May, GBT also announced that it was working with Playboy Enterprises Inc. to integrate the digital wallet for VIT into the Playboy.tv portal.
According to the agreement, GBT would have to provide "no cost" technical support for Playboy and pay the company $ 4 million to license the Playboy brand in their promotional materials. The payment was due on July 16, according to the complaint.
In addition, GBT should have eliminated any mention of pornography from the Vice Industry Token website and "rebranded the VIT website as more generally video / entertainment oriented." [19659002] Playboy claimed that GBT did not provide any service to support the technology, rebranding the VIT site or paying $ 4 million. However, GBT used the Playboy brand to attract investors, falsely assuring them that all company projects are "on schedule," said Playboy.
Playboy did not specify what he was trying to compensate for in the case.
GBT President Shidan Gouran told CoinDesk in an e-mail that "the accusations of Playboy have no value" and that GBT has "no problem" to defend itself "vigorously from frivolous causes", even if he refused to provide details on the current state of development of the VIT portfolio.
The representatives of Playboy did not respond to a request for comment by press time.
Read the full cause below:
Playboy v. Global Blockchain by CoinDesk on Scribd
Image of Playboy via Faiz Zaki / Shutterstock
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