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Nike faces a $5M lawsuit alleging securities violations over its RTFKT NFT drop, as investors claim abandoned support devalued the NFTs.
What’s the Scoop?
- Alleged 'Soft Rug Pull': Plaintiffs claim Nike propped up unregistered securities tied to RTFKT NFTs, then withdrew support, devaluing the assets.
- Legal Accusations: The lawsuit claims consumer protection violations stemming from Nike's marketing and alleged failure to sustain the project.
- Seeking Damages: Investors seek $5 million in damages for the depreciation in NFT value after Nike wound down its efforts.
