The largest global consortium of adult entertainment companies, Playboy Enterprises, filed a lawsuit against the Canadian company Global Blockchain Technologies (GBT), alleging breach of contract and fraud in the development of its cryptocurrency wallet. The platform would be integrated as a payment alternative for Playboy TV channels, websites, and games.
Playboy Enterprises sued Global Blockchain Technologies and demanded compensation
The company, which is headquartered in Beverly Hills, California, filed the lawsuit in Los Angeles County Superior Court, local media reported Monday, August 13th. Playboy seeks compensation for punitive damages, which translates into compensation that could amount to millions of dollars, as the company also claimed it did not receive $4 million as part of the preliminary settlement.
The cryptocurrency that would be used by Playboy as a payment method for users to view digital content is the Vice Industry Token (VIT). With this alternative, people could have paid for the service and at the same time win crypto coins to view original Playboy TV content, make comments, and vote for publications.
The deal between playboy and Global Blockchain Technologies agreed to create a payment platform to accept the Vice Industry Token (VIT)
At the time of writing, Vice Industry Token (VIT) trades at $0.005395, dropping 11.24% in the last 24 hours, according to CoinMarketCap. The crypto launched earlier this year and is operated by a crypto-related firm that ended its ICO on March 20th.
Vice Industry Token Inc. is also a decentralized blockchain platform that is usually employed within the adult entertainment industry. One of its particular features is that it allows producers to monetize their content while rewarding viewers.
The Los Angeles Times quoted a statement received by Global Blockchain Technologies dismissing the lawsuit as a “normal dispute” between two commercial parties. Furthermore, the company claimed, according to the media, that the allegation of fraud is “frivolous,” adding that “Global Blockchain Technologies believes that it has a strong defense in this action and will defend it vigorously.”
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.