BTCC
/
BTCC Square
/
Global Cryptocurrency
/
Investors Sue Nike for $5M Over Alleged RTFKT NFT Project Abandonment
Investors Sue Nike for $5M Over Alleged RTFKT NFT Project Abandonment
7
1
A group of investors has launched a class action lawsuit against Nike, alleging the sportswear giant abruptly shut down its Web3 subsidiary RTFKT, causing millions in investor losses. Court filings accuse Nike of executing a ’rug pull’ by severing demand for associated digital assets after heavily promoting what plaintiffs claim were unregistered securities.
The lawsuit contends Nike capitalized on the crypto boom to drive NFT sales, leveraging its brand power to create artificial demand. Investors argue they purchased tokens expecting appreciation based on Nike’s marketing strategy, only to see the project abandoned.
By:
Previous
ARI Wallet Offers Daily Quiz for Coin Rewards
Next
Federal Reserve Lifts Crypto Restrictions for Banks in Policy Shift
