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BTCC / BTCC Square / Global Cryptocurrency /
Investors Sue Nike Over Alleged NFT ’Rug Pull’ with RTFKT Shutdown

Investors Sue Nike Over Alleged NFT ’Rug Pull’ with RTFKT Shutdown

Global Cryptocurrency
Author:
Global Cryptocurrency
Release Time:
2025-04-28 06:34:02
0

Nike faces a $5 million class-action lawsuit filed by NFT holders who allege the sportswear giant executed a ’rug pull’ with its RTFKT platform. The plaintiffs, led by Jagdeep Cheema, claim Nike promoted sneaker-themed NFTs, profited from sales, then abruptly shuttered RTFKT in January 2025—rendering assets worthless.

The lawsuit, filed in New York federal court, accuses Nike of violating consumer protection laws and selling unregistered securities. Plaintiffs argue the NFTs meet the Howey Test criteria, as buyers invested money in a common enterprise expecting profits from Nike’s efforts.

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