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.