Nike Faces $5 Million Lawsuit Over NFT Securities Allegations
- Nike is accused of promoting unregistered securities through its RTFKT NFTs.
- Investors claim they were misled when Nike ceased support in December 2024.
- The lawsuit seeks damages for lost NFT values due to alleged consumer protection violations.
- Filed in the Eastern District of New York, the class action suit alleges a “soft rug pull” by Nike.
- Plaintiffs argue that Nike’s actions violated laws in New York, California, Florida, and Oregon.
The lawsuit accuses Nike of using its brand to inflate the value of RTFKT NFTs, only to abandon the project, causing significant financial losses for investors. Plaintiffs seek compensation for these losses and allege violations of consumer protection laws across multiple states.
Source (2.6)https://decrypt.co/316622/nike-5-million-suit-alleged-nft-securities-violations?rand=52368
