The marriage of adult content and cryptocurrency has gone sour.
Playboy Enterprises, the parent of the magazine, is suing the cryptocurrency company that was supposed to develop a digital wallet that would pay you to watch Playboy’s content using a new coin, the vice industry token (VIT), according to the Los Angeles Times.
Playboy claims Global Blockchain Technologies (GBT) failed to live up to the agreement to integrate its blockchain technology into Playboy’s online media channels.
The lawsuit, recently filed in Los Angeles County Superior Court, claims GBT hasn’t made good on the deal and also failed to pay the $4 million it promised as part of the agreement. Playboy is seeking unspecified compensatory and punitive damages.
GBT dismissed the suit as a “normal dispute” between two commercial parties, saying the fraud allegation is “frivolous,” according to the Los Angeles Times. Read more here.