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Playboy files a lawsuit against blockchain company over Vice Industry Token [VIT] dispute

Priya

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Playboy files a lawsuit against blockchain company over Vice Industry Token [VIT] dispute
Source: Unsplash

Playboy, an American adult lifestyle magazine, has reportedly sued a Canadian blockchain company, Global Blockchain Technologies [GBT] under the accusation of breach of contract and fraud. According to the case filed, the blockchain company did not integrate blockchain technology on Playboy’s online portal.

The case has been filed with the Los Angeles County Superior Court. Reportedly, the company entered into the agreement with Playboy in the month of March. The main agenda of the agreement was to implement a technology with which Vice Industry Token [VIT] could be accepted on the adult magazines online portals.

The adult magazine had announced that they were looking into creating an online payment wallet for cryptocurrencies. The company was supposedly going to be the first to launch a wallet which supports cryptocurrency. This would have enabled Playboy to accept payments with cryptocurrency and mainly, Vice Industry Token.

Vice Industry Token [VIT] aims to reward consumers to earn from consuming content which is free online. They have partnered with various adult industry players like DDBusty, StormyDaniels, AnalX. The most recent collaboration of the platform is Tube8. VIT has lost over millions of cryptocurrency because of the partnership between Playboy and GBT.

On the topic of the feud, the CEO of VIT, Stuart Duncan stated that he is “very disappointed with Playboy”. He said that the adult industry company did not reach out to them for tokenizing their online portals even after providing them with millions of tokens.

The CEO further adds that “maybe” they have a reason for a lawsuit against Playboy as the company had provided them with tokens which is almost equal to millions of dollars and there was no benefit from doing so. Duncan said that he has no knowledge regarding the details of the agreement between Playboy and GBT

Playboy also claims that the blockchain company has not paid around $4 million which was also a part of the agreement. The adult magazine company has filed the lawsuit claiming for compensation.

However, GBT has dismissed all the allegation of the fraud calling it, “frivolous” and states that the dispute as a normal dispute amongst the companies.

Recently, Pornhub and Brazzers announced that they would be accepting Verge [XVG] as a mode of payment from their customers. Following which, the leading adult industries announced that they will also be accepting Tron [TRX] for payments.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

Whale Alert: Massive $300 million transfer takes place on Binance Chain; funds SAFU, says CZ

Biraajmaan Tamuly

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Whale Alert: Massive 300 million BNB Coin transfer takes place on the Binance Chain; CZ responds amidst transaction
Source: Pixabay

Binance, one of the world’s largest cryptocurrency exchanges, has been having a wonderful year in terms of new developments, such as their new Binance DEX and the massive growth of Binance Coin [BNB]. Binance’s native token has grown by approximately 500 percent in 2019 alone.

The exchange also recently announced the launch of BTCB, with an objective to provide a crypto-asset pegged to BTC’s value for trading purposes on Binance DEX, with the assets being backed by Binance itself.

Binance’s ecosystem is progressively active and it was recently observed and reported by Whale Alert, an online cryptocurrency-transaction tracker, that a sum of approximately $302 million, equivalent to around 8 million BNB coins, was transferred on the Binance Chain.

The transaction took place of 26th January 2019, with a time stamp of 07:52:56 UTC. It was sent from an unknown address, bnb1jkvrjawcd8wlugk8455wqjggxecyxj9uf0g7uy, to another unknown wallet, bnb13wmeg7ypkcr39wnzy2q02mku2qemnrm4kclezs, for a transaction fee of 0.000375 BNB. The block height of the transaction was #15820220, and it was deemed a successful one.

Following the massive transfer, Changpeng Zhao, CEO of Binance, responded on Twitter regarding the transfer and claimed that the current movement was a rotation of funds between some cold wallets.

CZ suggested with a linked tweet that the movement of funds should not necessarily raise any alarms as the funds were SAFU.

In another tweet, CZ  stated that there were currently 4 addresses that were holding 8 million BNB coins each. A total of $32 million BNB was unlocked for the Binance team. However, it was understood that the tokens were not spent and saved in the addresses themselves.

It is speculated that CZ took the initiative to list the reason for the massive transfer as previously, huge BTC transfers, which included a Coinbase wallet transfer, was accused of market manipulation.

At press time, BNB coin was priced at $37.30, experiencing a hike of 1.87 percent over the past 24 hours.





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