Playboy Brings An Action Global Blockchain Technologies Cryptocurrency Company For Breach Of Contract
Playboy Enterprises, American privately held global media and lifestyle company headquartered in Beverly Hills, California and the parent company of Playboy magazine, is bringing an action to the Global Blockchain Technologies (GBT), an investment cryptocurrency company providing investors access to a basket of holdings within the blockchain space, for fraud and breach of contract.
The company declared its partnership with GBT earlier in March, finding out that it is developing an online wallet with cryptocurrency support.
The idea was to try to adopt a new crypto currency called Vice Industry Token (VIT) with a new purse on Playboy.TV before expanding to other entertainment media channels and platforms owned by the company. The brand also emphasized that customers can earn and pay Vice tokens to view content.
According to the report, Playboy Enterprises filed a lawsuit with the Supreme Court of Los Angeles County, where it claims to have entered into an agreement with GBT on the introduction of blockchain technology in the online channels of the Playboy magazine. The report says that GBT had to integrate VIT cryptocurrency tokens into the network of sites owned by the media company.
Currently, Playboy suffers “indefinite compensatory and punitive damages,” as the company claims that GBT has not fulfilled the deal, which includes a payment of $ 4 million, which Global Blockchain Technologies promised to pay.