Nike’s Crypto Adventure Ends In Legal Trouble
What’s going on here?
Nike is dealing with crypto chaos as a $5 million lawsuit targets its shut-down RTFKT unit, with NFT buyers citing unexpected financial distress.
What does this mean?
Nike’s venture into digital assets via RTFKT has encountered legal trouble. Claims have been filed in Brooklyn federal court by an Australian buyer, alleging that Nike’s closure of the RTFKT unit caused a drop in demand for Nike-branded NFTs. Buyers claim they were duped into buying what they believe are unregistered securities, unaware of Nike’s intentions to halt related projects. The lawsuit seeks over $5 million, pointing to consumer protection law breaches in states like New York, California, Florida, and Oregon. With MT Newswires waiting for…
