Nike sued over closure of crypto business

April 26, 2025

, By The Economic Times

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ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/nike” target=”_blank”>Nike was sued on Friday by purchasers of Nike-themed non-fungible tokens (NFTs) and other cryptocurrency assets who said they suffered significant losses when the athletic wear company abruptly closed the business that created those assets. In a proposed class action filed in Brooklyn, New York federal court, purchasers led by Australian resident Jagdeep Cheema said the sudden closure in December of Nike’s RTFKT unit caused demand for their NFTs to dry up.

They said they would never have bought the NFTs at the prices they did, or at all, had they…

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Nike sued over closure of crypto business

April 26, 2025

, Published By The Economic Times

ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/nike” target=”_blank”>Nike was sued on Friday by purchasers of Nike-themed non-fungible tokens (NFTs) and other cryptocurrency assets who said they suffered significant losses when the athletic wear company abruptly closed the business that created those assets. In a proposed class action filed in Brooklyn, New York federal court, purchasers led by Australian resident Jagdeep Cheema said the sudden closure in December of Nike’s RTFKT unit caused demand for their NFTs to dry up.

They said they would never have bought the NFTs at the prices they did, or at all, had they…

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

Deloitte predicts $4T tokenized real estate on blockchain by 2035

Next News

Can Ecommerce Giants Scale Quick Commerce Without Setting Their Profits On Fire?

The Economic Times

More like this

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