An Australian buyer is suing Nike in a proposed class-action lawsuit, alleging deceptive practices and unfair competition linked to its subsidiary RTFKT’s NFT collections. The suit, filed in New York, claims Nike orchestrated a “brazen rug pull” through RTFKT, promoting unregistered securities while enriching itself at buyers’ expense. It cites violations of various state laws, with damages potentially exceeding $5 million. Following a peak in trading activity in 2022, RTFKT announced its shutdown for December 2024. Recent issues with the CloneX NFT art also raise concerns, with migrations to new storage solutions under discussion.
Nike accused of ‘brazen rug pull’ in class action lawsuit
