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Nike Faces $5M Lawsuit Over Alleged NFT ’Rugpull’ Scheme
Nike Faces $5M Lawsuit Over Alleged NFT ’Rugpull’ Scheme
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Nike’s foray into Web3 has turned litigious. A class-action lawsuit filed in Brooklyn federal court alleges the sportswear giant executed a ’rugpull’ by abruptly shuttering its RTFKT NFT platform after leveraging its brand power to promote digital collectibles. Investors claim losses exceeding $5 million.
The complaint goes further, accusing Nike of selling unregistered securities. Plaintiffs argue the company’s marketing machinery artificially inflated NFT values by tying them to its reputation, only to leave holders with worthless assets when operations ceased. This case tests the boundaries of corporate liability in decentralized ecosystems.
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