World Events

Panoptic Pen

PleasrDAO Sues Martin Shkreli Over Wu-Tang Clan Album Rights

TLDR

  • PleasrDAO has filed a lawsuit against Martin Shkreli for allegedly live-streaming a one-of-a-kind Wu-Tang Clan album.
  • PleasrDAO acquired the album, “Once Upon a Time in Shaolin,” from Shkreli in 2021 for $4.75 million.
  • The DAO claims Shkreli’s actions have caused significant monetary and irreparable harm.
  • Shkreli denies the allegations and claims PleasrDAO members did not support the lawsuit.
  • The court has granted PleasrDAO’s request for a temporary restraining order against Shkreli.

PleasrDAO, a decentralized autonomous organization (DAO) known for collecting digital and physical art, has filed a lawsuit against Martin Shkreli, the former pharmaceutical CEO notorious for raising the price of a life-saving drug.

The lawsuit, filed in the United States District Court for the Eastern District of New York, alleges that Shkreli illegally shared copies of a one-of-a-kind Wu-Tang Clan album, “Once Upon a Time in Shaolin,” which PleasrDAO acquired from him in 2021.

According to the legal filing, PleasrDAO purchased the exclusive rights to the album’s audio tracks from Shkreli for $4 million in 2021, with an additional $750,000 paid in 2024.

The Wu-Tang Clan had created the album to counter the increased digitization and commercialization of music, hoping to restore it to the realm of high art.

Shkreli, who originally bought the album for $2 million in 2015, was forced to forfeit it in 2018 as part of a $7.4 million asset forfeiture following his conviction for securities fraud. Despite this, Shkreli allegedly hosted a livestream on X Spaces on June 9, 2024, where he played the album to thousands of listeners.

PleasrDAO claims that Shkreli’s actions have diminished the album’s value and caused significant monetary and irreparable harm to the organization.

The DAO had planned to selectively share the album’s contents after acquiring it but now alleges that Shkreli’s continued distribution of the unreleased tracks has undermined their efforts.

In response to the lawsuit, Shkreli has denounced the legal action, claiming that PleasrDAO members did not support the filing and were not given the opportunity to vote on it.

The debate has sparked discussions within the crypto community, with some supporting PleasrDAO’s efforts to protect their intellectual property rights and others questioning the validity of the lawsuit.

The court has granted PleasrDAO’s request for a temporary restraining order, barring Shkreli from using, disseminating, streaming, or selling any interests in the album, including its data and files.

Shkreli has also been ordered to provide an inventory of the copies he retained, records of the profits made from its distribution, and show cause as to why the court should not seize all his remaining copies of the album.

The post PleasrDAO Sues Martin Shkreli Over Wu-Tang Clan Album Rights appeared first on Blockonomi.

from Blockonomi https://ift.tt/3KgOGUD

yunusemrejr

, ,