Nike Sued For NFT Fraud: Millions Of Dollars At Stake
Nike faces a class action lawsuit in the United States following the abrupt shutdown of its crypto division RTFKT, leaving NFT investors in turmoil. The sports giant is accused of deceptive practices and the sale of unregistered securities, with claims exceeding $5 million.
The case reignites the debate over whether NFTs should be classified as securities under U.S. law. This legal challenge could set a precedent for future regulation of digital assets, potentially reshaping the crypto landscape.
Investors allege Nike abandoned them after promoting RTFKT’s NFT projects, which have since plummeted in value. The lawsuit highlights the risks of corporate involvement in the volatile NFT market and raises questions about accountability in the crypto sector.
