• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
Nike

Nike Sued After Shuttering NFT Unit—Buyers Allege Major Crypto Losses

Christian Encila
by Christian Encila
4 months ago
·
Posted in Companies
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A collective of upset NFT purchasers has brought a lawsuit against Nike after the company shut down its digital collectibles division, RTFKT.

According to a report by Reuters, the lawsuit, filed Friday in Brooklyn, New York, alleges that the sportswear colossus’s sudden shutdown erased hundreds of thousands of dollars’ worth of digital asset value.

Related Reading: Crypto’s Dark Side: $9 Billion In Scam Losses Rock The US In 2024—FBI

Australian Investor Leads Legal Fight Against Sportswear Giant

Australia-based lead plaintiff Jagdeep Cheema leads the class of plaintiffs that is demanding at least $5 million in damages. According to court filings, Nike’s December 2024 shutdown of RTFKT left investors with worthless digital tokens created and sold on both the Nike and RTFKT brands.

The complaint states Nike breached consumer defense laws in a number of states, including New York, California, Florida, and Oregon. Nike, headquartered in Beaverton, Oregon, has yet to respond to the claims.

Lawsuit Puts Key Question: Are NFTs Securities?

The court filing contends Nike sold the NFTs without registering them properly with financial authorities. This poses a basic question that US regulators and courts are still grappling to answer: Are NFTs securities subject to regulatory scrutiny?

Purchasers said the company provided no notice before cancelling the initiative. Numerous NFTs ceased to show images properly, contributing to fears the assets would no longer be supported or held their worth.

Total crypto market cap currently at $2.9 trillion. Chart: TradingView

They wouldn’t have bought any of the NFTs if they had known they were unregistered securities, the plaintiffs said in their lawsuit. The group also alleged they would not have invested if they had known Nike could cancel the project so soon after its inception.

Technical Issues Haunt Digital Assets Following Service Shutdown

After the December shutdown, numerous users complained of severe technical problems with their NFTs. Images of highly prized objects in the Clone X series went missing, being replaced with “holding page” messages from Cloudflare stating that the content was taken down.

This led speculation that Nike stopped paying for servers that were displaying the NFT images. While some digital works have resurfaced online afterward, the incident raised legitimate doubts about the ultimate value of digital art attached to centralized services.

Related Reading: Bitcoin To $2.4 Million? ARK Invest Predicts Massive Surge By 2030

Nike’s NFT Adventure Had Brief But Memorable Existence

RTFKT (pronounced “artifact”) was bought by Nike in December 2021 at the peak of NFT popularity. The sports company termed the acquisition as a bold step into the future of collectibles and fashion and gaming.

The attorney for the plaintiffs, Phillip Kim, has yet to comment further on the case.

When digital collectibles became trendy, numerous firms jumped in without set regulations or oversight mechanisms. This suit identifies the danger that comes with large corporations testing and then abandoning nascent digital asset segments.

Featured image Nike, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Bitpanda

UK Listing? Not For Bitpanda—Liquidity Concerns Derail Plans

1 week ago
Coinbase

Coinbase Drops $3 Billion To Snag Deribit In Major Crypto Shake-Up

2 weeks ago
Thumzup

$50M Deal: Trump’s Thumzup Media Partners With Coinbase To Expand XRP Holdings

2 weeks ago
XRP

XRP Jackpot? VivoPower’s Ripple Deal Could Net $696-M In Tokens

3 weeks ago
TikTok

TikTok Fires Back: No TRUMP Coin Buys, Despite Congressman’s Claims

2 months ago
GameStop

GameStop Diversifies With 4,710 Bitcoin—Smart Hedge Or Risky Play?

3 months ago

Premium Sponsors

Press Releases

  • XRP is expected to break through $7. APT Miner helps...

    5 hours ago
  • miner

    Expectations of a Federal Reserve rate cut and demand for...

    9 hours ago
  • miner

    BlackRock suspends XRP listing, price faces resistance...

    9 hours ago
  • miner

    The September Curse Returns: How Crypto Investors Can...

    9 hours ago
  • Ethereum Price USD: The Latest Innovations of Crypto’s...

    10 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.