Crypto

The NFT battle between Nike and StockX

Published

10 months ago

June 7, 2022

ticker NEWS

In February, retail giant Nike sued re-seller StockX for launching a non-fungible token based on their shoes.

Last month, the popular re-seller was also accused of selling counterfeit shoes, which contradicts the site’s promise to authenticate its products.

In a court filing, the sneaker re-seller denies the allegations and says Nike’s complaint is “nothing more than a failed attempt to bolster its still meritless claims”.

The NFT series introduced by StockX was intended to allow customers to buy NFTs tied to a physical product.

But StockX trading suggests NFTs would benefit the buyer as they wouldn’t have to wait to resell a shoe.

Of the nine limited edition NFT’s launched, eight were based on Nike shoes.

Nike sued StockX by claiming the NFTs infringed on its trademarks and created confusion for their customers.

Anyone else find it interesting that Nike claims to have ordered fake sneakers from StockX but didn’t request StockX stop being able to sell Nike sneakers? 🤨
— YouTube Guy (@SneakerPhetish) May 13, 2022

StockX is defending its anti-counterfeiting measures and alleges Nike had previously praised them for their measure.

“In the past, Nike has sought to collaborate with StockX and has communicated confidence in the StockX authentication process,” the company said in the draft filing.

Some Twitter users are calling this a marketing ploy from Nike. Meanwhile, others are calling out StockX for reselling shoes with massive markups on sneakers.

I hope Nike sues stockx for every last cent. pic.twitter.com/XVU0VVR8J7
— Ishthadon (pocketwatcher) (@lshmaeI) June 7, 2022

The court battle is set to be filed in U.S. District Court in New York City next Monday.

Amanda Gunn contributed to this report

Crypto

Celebrities busted over illegal crypto scheme

Published

2 days ago

March 24, 2023

ticker NEWS

Agreements have been settled without admitting guilt

Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.

The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.

Lohan and Paul have reportedly settled the matter without admitting guilt.

But, regardless, it’s just another bad look for the already embattled crypto industry.

Crypto

Crypto fugitive Do Kwon arrested in Montenegro

Published

2 days ago

March 24, 2023

ticker NEWS

He was carrying falsified documents at an airport

One of the world’s most wanted crypto fugitives has been arrested in Montenegro.

It’s a long way from home for South Korean entrepreneur Do Kwon, who’s accused of orchestrating a multi-billion-dollar fraud scheme.

Kwon was connected to the TerraUSD stablecoin, which saw $40 billion erased from its holders.

He was reportedly arrested at an airport after carrying falsified documents.

It follows a red notice being issued by South Korea last September.

Crypto

SEC sues Jake Paul over paid crypto promotions

Published

3 days ago

March 23, 2023

ticker NEWS

The issue is linked to Tron founder Justin Sun

The U.S. Securities and Exchange Commission (SEC) is suing YouTube personality Jake Paul over a promotion of cryptocurrencies linked to Tron founder Justin Sun.

The SEC is accusing Paul of a paid promotion of assets without disclosing those payments to the public.

Other celebrities such as Lindsay Lohan, Ne-Yo and Akon and are also being investigated for their involvement.

Meanwhile, the SEC is going after Sun for potential fraud and market manipulation.