Playboy is reportedly suing a cryptocurrency platform

  • Playboy's parent company Playboy Enterprises is suing a Canadian based cryptocurrency company called Global Blockchain Technologies (BLOC) alleging fraud and breach of contract, the Los Angeles Times reports.

  • In May, BLOC announced a partnership with Playboy's media platform.

  • The reported lawsuit alleges that BLOC failed to live up to its end of the bargain.

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.

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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."

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