Saturday, 26 April, 2025

Nike Faces $5M Class Action Lawsuit Over Abrupt Closure of RTFKT Crypto Unit

Nike is facing a proposed class action lawsuit in the U.S. District Court for the Eastern District of New York, filed by purchasers of Nike-themed non-fungible tokens (NFTs) and other cryptocurrency assets. The plaintiffs, led by Australian resident Jagdeep Cheema, allege significant financial losses following the abrupt December 2024 shutdown of RTFKT, Nike's digital asset unit. They claim that Nike misrepresented the nature of the NFTs, which were purportedly unregistered securities.