Nike Sued Over Closure of Crypto Business Linked to NFTs
Nike is facing a proposed class-action lawsuit after shutting down its crypto-focused business unit, RTFKT, leaving NFT purchasers claiming significant losses.
Filed on Friday in the Eastern District of New York, the lawsuit is led by Australian resident Jagdeep Cheema. It alleges that Nike’s sudden closure of RTFKT in December 2024 caused the market for Nike-themed NFTs and other digital assets to collapse. Buyers say they were left with assets that lost much of their value overnight.
According to the complaint, the plaintiffs argue they would not have purchased the NFTs at the prices they did—or at all—had they known the tokens were unregistered securities. They also claim that Nike effectively “pulled the rug out from under…
