Once upon a time in the Eastern District of New York, a cryptocurrency foundation, new owners of the sole copy of Wu-Tang Clan’s “Once Upon a Time in Shaolin,” filed suit against the album’s former purchaser, Martin Shkreli, accusing him of wrongfully retaining copies of album data with the intent to publicly release it. The dispute has proved contentious, with
Continue Reading Cryptocurrency Collective Files Trade Secret Suit to Protect Its Interest in Wu-Tang Clan Album
How different is a celebrity-focused “cryptocollectible” from a celebrity-focused “cryptocurrency,” and how similar does it have to be to constitute a trade secret? That was the question facing the Southern California federal district court in deciding a motion for a preliminary injunction in Founder Starcoin v. Launch Labs, Inc., No. 18-CV-972 JLS (MDD) (S.D. Cal. July 9, 2018). Defendant Launch Labs, d/b/a Axiom Zen, is the developer of “CryptoKitties,” a game that uses the Ethereum blockchain technology to “allow[] users to securely buy, sell, trade, and breed genetically unique virtual cats.” Plaintiff Starcoin has a business plan to create a “regulated exchange” for secure “tokens” representing celebrities that can be bought and sold, not just by typical investors, but by a celebrity’s fans as well.
Continue Reading California Federal Court Denies Preliminary Injunction In “Blockchain” Dispute