Playboy Alleges Breach of Contract in Suit Against Cryptocurrency Company

Playboy Alleges Breach of Contract in Suit Against Cryptocurrency Company

LOS ANGELES — Playboy Enterprises Inc. has filed a lawsuit against a cryptocurrency company that allegedly failed to live up to an agreement to integrate blockchain technology into its online media channels.

The suit, filed at Los Angeles County Superior Court, said that Global Blockchain Technologies broke an agreement where GBT would implement third-party cryptocurrency Vice Industry Token on Playboy’s adult and gaming properties, according to the Los Angeles Times.

Playboy, alleging fraud and breach of contract, claims in the suit that Vancouver, Canada-based GBT also failed to pay the $4 million it promised as part of the agreement, which was made in March.

Playboy, based in Westwood, Calif., earlier this year announced it was developing an online payment wallet that would support a range of cryptocurrencies across the company’s line of operations, including Playboy.tv, which was expected to be the first of the company’s platforms to feature the new wallet.

The Los Angeles Times reported that GBT said it will vigorously defend the suit and that allegations of fraud are “frivolous.”

Reena Patel, Playboy’s head of operations, did not immediately respond to XBIZ queries over the suit.

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Adult Web Hosting Service 'Midnight-Host' Launches

Midnight-Host, a new web hosting service designed specifically for adult websites, has launched.

ASN Lifestyle Magazine Joins Pineapple Support as Media Sponsor

ASN Lifestyle Magazine has joined the ranks of over 60 adult businesses and organizations committing funds and resources to Pineapple Support, partnering with the organization as a media sponsor.

Adult Industry Reacts to Trump Victory

On Tuesday, former President Donald Trump was reelected, defeating Vice President Kamala Harris to reclaim the office he lost four years ago.

Fetisfy Online Fetish Marketplace Launches

Fetisfy.com, an online marketplace for users to sell fetish items, has launched.

Pineapple Support Launches 'Spill the Tea, Colombia' Community Support Event Series

Pineapple Support has launched "Spill the Tea, Colombia," a monthly, in-person community support event for adult industry professionals.

Streamster Launches 'Tip2Peep' Camera-Switching Feature

Live-streaming software provider Streamster has launched Tip2Peep, a new feature that allows viewers to switch between multiple webcam viewing angles by tipping the creator.

Tyler Wu Guests on Chaturbate's 'Sex Tales' Podcast

Tyler Wu is the latest guest on Chaturbate’s “Sex Tales” podcast, hosted by Melissa Stratton and Vanniall on the company’s “Camming Life” YouTube channel.

Fleshy to Launch Interactive Cam Site 'Eromote'

Male pleasure brand Fleshy has announced that it will launch an interactive, bidirectional cam site next month called Eromote.

XBIZ LA Show Introduces New 'Crib Crawl' Feature

XBIZ is pleased to announce that the 2025 edition of its flagship conference, the XBIZ Show, will debut a brand-new feature: Crib Crawl, offering attendees the chance to meet and greet representatives from leading brands and organizations in dedicated suites at the host venue.

Pre-Nominations Now Open for 2025 TEAs

The pre-nomination period for the 2025 Trans Erotica Awards (TEAs) is now open.

Show More