Playboy Enterprises Sues A Cryptocurrency Firm For Breaching Contract

Aug 14, 2018 at 10:00 Update Date :Aug 14, 2018 at 10:00 UTC

As reported lately, Playboy Enterprises Inc. is psyched up to bring a lawsuit against a famous crypto technology firm on being accused of breach of contract and fraud. The company claims that the crypto firm failed to fulfil the agreement to furnish Playboy’s online media channels with blockchain technology.

Headquartered in Beverly Hills, California, Playboy Enterprises Inc. is a global media and lifestyle company. The foundation of the American privately held firm was laid by Late Hugh Hefner to primarily manage the Playboy magazine empire.

In the month of March this year, Playboy Enterprises Inc. entered into an agreement with the Canadian organisation, Global Blockchain Technologies. As per the terms and conditions of the agreement, the crypto firm was required to implement the third-party cryptocurrency Vice Industry Token on Playboy’s sites. Playboy declares a breach of contract on GBT’s part and further, accuses the firm of non-payment of $4 million as laid down in the agreement.

Hence, a suit at law has been filed in Los Angeles County Superior Court, wherein Playboy seeks unstated compensatory and punitive damages. However, Global Blockchain Technologies Corporation, disregards the legal actions being carried out against them and terms the event as a “normal dispute between two commercial parties”. Also, it mentions that the allegations of ‘fraud’ are ‘ill-considered’.

In a statement with The Times, the Vancouver based firm suggested, “Global believes it has a strong defence to the action and will be vigorously defending same.”

Both, Playboy and GBT had made individual announcements of the upcoming launch of the company’s online payment wallet. In March, Playboy Enterprises Inc. disclosed that the development of its online payment wallet was in works. The new project was expected to support a variety of crypto tokens across the company’s online media, and also its casual and digital gaming businesses. As per the plans, Playboy.TV was going to be the first platform to feature the newly assembled wallet, under the company’s banner. It would furnish the platform with the facility to accept Vice Industry Token in combination with various other crypto coins.

Then again, in the month of May, Global Blockchain Technologies Corporation, made an announcement wherein it provided conformity to the fact that it was working with Playboy, on the project and would soon come up with an interface to distinct platforms. Currently, however, none of them agrees to comment on the provision.

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