{"id":16515,"date":"2025-04-27T09:17:00","date_gmt":"2025-04-27T01:17:00","guid":{"rendered":"http:\/\/www.tocoin.com\/?p=16515"},"modified":"2025-04-27T21:44:18","modified_gmt":"2025-04-27T13:44:18","slug":"nike-faces-collective-lawsuit-from-nft-holders-for-shutting-down-its-rtfkt-crypto-business-seeking-over-5-million-in-damages","status":"publish","type":"post","link":"http:\/\/tocoin.com\/index.php\/2025\/04\/27\/09\/17\/00\/16515\/","title":{"rendered":"Nike Faces Collective Lawsuit from NFT Holders for Shutting Down its RTFKT Crypto Business, Seeking Over $5 Million in Damages"},"content":{"rendered":"\n<p>April 27th, according to Reuters, Nike is facing a collective lawsuit from NFT holders due to the abrupt closure of its cryptocurrency business. The plaintiffs, led by Australian resident Jagdeep Cheema, filed a lawsuit in the Brooklyn Federal Court in New York, alleging that Nike&#8217;s sudden shutdown of its RTFKT division in December 2024 led to a sharp drop in NFT demand.<\/p>\n\n\n\n<p>The plaintiffs stated that if they had known in advance that these tokens were unregistered securities and that Nike would &#8220;suddenly pull out,&#8221; they would not have purchased these NFTs at the time&#8217;s price, or even purchased them at all. The lawsuit accuses Nike of violating consumer protection laws in New York, California, Florida, and Oregon, seeking damages exceeding $5 million. Nike acquired RTFKT in December 2021 and announced the closure of the business on December 2, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>April 27th, according to Reuters, Nike is facing a coll [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"_links":{"self":[{"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/posts\/16515"}],"collection":[{"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/comments?post=16515"}],"version-history":[{"count":1,"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/posts\/16515\/revisions"}],"predecessor-version":[{"id":16575,"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/posts\/16515\/revisions\/16575"}],"wp:attachment":[{"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/media?parent=16515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/categories?post=16515"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tocoin.com\/index.php\/wp-json\/wp\/v2\/tags?post=16515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}