OpenSea, Blur Delist Mila Kunis’ Stoner Cats
The U.S. Securities and Exchange Commission (SEC) has ordered the creators of the Stoner Cats NFT project to pay a $1 million fine. The legal statement reveals that Stoner Cats LLC illegally sold unregistered assets, resulting in an $8.2M profit in just 35 minutes.
Stoner Cats TV, an online TV show, was supposed to evolve with the evolution of non-fungible tokens (NFTs). After the pilot episode, 20% of the NFTs were resold on secondary markets with massive gains. The SEC’s finalizing litigation statement states that the LLC behind the Stoner Cats NFT collection will have to refund customers who bought in through social media endorsements. The legal file describes the price of Stoner Cats as tied to the show’s success, leading NFT holders to expect profit from the show’s managerial and entrepreneurial efforts. This brings an unprecedented legal case for NFTs and blockchain.
(With inputs from Shikha Singh)
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