Nike sued the closure of Cripto Business

Of Jonathan Stempel

New York (Reuters) -nike was sued on Friday by Nike (NFTS) and other cryptocurrency assets who said they suffered significant losses when the athletic wear and tear company closed the business that created these assets abruptly.

In a proposed class action presented in Brooklyn, the New York Federal Court, buyers led by the Australian resident Jagdeep Cheema said that the sudden closure in December of the Nike RTFKT unit caused the demand for their NFTS to dry.

They said that NFTs would never have bought at the prices they made, or at all, if they had known that the sheets were unregistered values, and that Nike “would make the carpet removed below.”

Nike, based in Beaverton, Oregon, did not respond immediately to comments applications. Phillip Kim, lawyer’s lawyer, refused to comment.

The legal state of NFTS is not intended and there have been many litigation as to whether they are values ​​under federal legislation.

Friday’s demand requested unspecified damage of more than $ 5 million for alleged violations of New York, California, Florida and Oregon consumption protection laws.

Nike bought RTFKT, pronounced “Artifact”, in December 2021, saying that the fashion brand was taking advantage of “avant -garde innovation to offer next generation collectibles that merge culture and play”.

RTFKT announced from Winddown, on December 2, 2024, while it was projected that RTFKT innovation represented through the “numerous creators and projects” it inspired.

The case is Cheem V Nike Inc, United States District Court, Eastern New York District, no. 25-02305.

(Jonathan Sumpel’s report in New York; Cynthia Osterman edition)