Playboy Enterprises is suing Global Blockchain Technologies (BLOC) alleging that it failed to uphold an agreement to incorporate its technology into Playboy’s media platforms, the Los Angeles Times reports. In May, the Canadian-based cryptocurrency firm announced an upcoming partnership with Playboy Magazine’s parent company, Playboy Enterprises. BLOC said that it had plans to integrate a token called Vice Industry Token into Playboy TV’s platform so that users could get paid in cryptocurrency to watch adult entertainment and pay for content in digital currency. RELATED: Here’s a look inside the world of cryptocurrency: But according to the LA Times report, Playboy Enterprises is alleging that BLOC failed to live up to its end of the contract.
Now, the Beverly-Hill based adult entertainment site is alleging that in the three months since the deal was made, BLOC has yet to integrate its tech into Playboy’s platform, and that it also hasn’t paid the $4 million it promised to Playboy as a part of the deal. While neither BLOC nor Playboy Enterprises immediately responded to Business Insider’s request for comment, BLOC told the LA Times that the charges of fraud were “frivolous” and that the disagreement between the two parties was a “normal dispute.” NOW WATCH: NYU professor says Facebook should pay taxes for making us less productive More from Business Insider: Tinder’s founders are suing Match Group and IAC, saying they’ve been ripped off — and they’re seeking at least $2 billion in damages Facebook’s blockchain boss David Marcus is leaving cryptocurrency startup Coinbase’s board The world’s largest maker of bitcoin mining chips is reportedly hoping to raise $18 billion in what could be one of the largest IPOs in history All index data provided on a 15 minute delay.
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