Playboy files a lawsuit against blockchain company over Vice Industry Token [VIT] dispute

Playboy, an American adult lifestyle magazine, has reportedly sued a Canadian blockchain company, Global Blockchain Technologies [GBT] under the accusation of breach of contract and fraud. According to the case filed, the blockchain company did not integrate blockchain technology on Playboy’s online portal.

The case has been filed with the Los Angeles County Superior Court. Reportedly, the company entered into the agreement with Playboy in the month of March. The main agenda of the agreement was to implement a technology with which Vice Industry Token [VIT] could be accepted on the adult magazines online portals.

The adult magazine had announced that they were looking into creating an online payment wallet for cryptocurrencies. The company was supposedly going to be the first to launch a wallet which supports cryptocurrency. This would have enabled Playboy to accept payments with cryptocurrency and mainly, Vice Industry Token.

Vice Industry Token [VIT] aims to reward consumers to earn from consuming content which is free online. They have partnered with various adult industry players like DDBusty, StormyDaniels, AnalX. The most recent collaboration of the platform is Tube8. VIT has lost over millions of cryptocurrency because of the partnership between Playboy and GBT.

On the topic of the feud, the CEO of VIT, Stuart Duncan stated that he is “very disappointed with Playboy”. He said that the adult industry company did not reach out to them for tokenizing their online portals even after providing them with millions of tokens.

The CEO further adds that “maybe” they have a reason for a lawsuit against Playboy as the company had provided them with tokens which is almost equal to millions of dollars and there was no benefit from doing so. Duncan said that he has no knowledge regarding the details of the agreement between Playboy and GBT

Playboy also claims that the blockchain company has not paid around $4 million which was also a part of the agreement. The adult magazine company has filed the lawsuit claiming for compensation.

However, GBT has dismissed all the allegation of the fraud calling it, “frivolous” and states that the dispute as a normal dispute amongst the companies.

Recently, Pornhub and Brazzers announced that they would be accepting Verge [XVG] as a mode of payment from their customers. Following which, the leading adult industries announced that they will also be accepting Tron [TRX] for payments.

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