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BTCC / BTCC Square / Global Cryptocurrency /
Nike Slammed with Lawsuit as NFT Buyers Lose Big After RTFKT Shutdown

Nike Slammed with Lawsuit as NFT Buyers Lose Big After RTFKT Shutdown

Global Cryptocurrency
Author:
Global Cryptocurrency
Release Time:
2025-04-26 18:16:02
0

Nike faces a class action lawsuit led by Australian resident Jagdee Cheema, alleging significant financial losses for NFT buyers following the abrupt closure of its RTFKT division. The lawsuit, filed in New York, seeks over $5 million in damages, citing violations of consumer protection laws across multiple states.

The legal action highlights the unresolved status of NFTs, with ongoing debates over their classification as securities. Nike’s acquisition of RTFKT in December 2021 aimed to blend cutting-edge technology with cultural trends, but the sudden shutdown has left investors grappling with collapsed asset values.

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