TLDR
- PleasrDAO is embroiled in legal proceedings with Martin Shkreli, charging him with broadcasting a unique Wu-Tang Clan album over a live-stream.
- PleasrDAO purchased the album, “Once Upon a Time in Shaolin,” from Shkreli in 2021 for the considerable sum of $4.75 million.
- According to PleasrDAO, Shkreli’s actions have inflicted both significant financial loss and irreversible damage.
- Shkreli has refuted the claims, contending that the lawsuit was not backed by the PleasrDAO members.
- A temporary restraining order has been granted by the court in favor of PleasrDAO against Shkreli.
A prominent decentralized group, PleasrDAO is famous for its acquisitions of both digital and physical art pieces. The organization has initiated legal proceedings against Martin Shkreli. , known for his notorious stint as a pharmaceutical executive who raised the price of crucial medication.
The legal complaint, submitted in a New York district court, charges Shkreli with unlawfully disseminating a rare Wu-Tang Clan album, which PleasrDAO bought in 2021.
PleasrDAO claims in their lawsuit that they obtained the album's exclusive listening rights from Shkreli in 2021 for $4 million, topping up with $750,000 in 2024.
Originally made to combat music's shift towards digitization, the Wu-Tang Clan designed the album to be regarded as a piece of high art.
Okay we unblocked you.
Also you\"ve been served ????♀️ https://t.co/6UxhZckJPs pic.twitter.com/z8PVAsvNMO
— ✨ Pleasr (@PleasrDAO) June 11, 2024
After buying the album for $2 million in 2015, Shkreli was ordered to surrender it in 2018 as part of a monetary penalty from his securities fraud conviction. Still, he allegedly streamed the album to a vast audience online in June 2024.
PleasrDAO asserts that Shkreli's conduct has not only depreciated the album's value but also inflicted serious and lasting financial injury on them.
Their intent had been to unveil the album’s music selectively, yet they claim Shkreli’s alleged ongoing sharing has derailed these plans.
In his defense, Shkreli has dismissed the lawsuit, alleging that PleasrDAO's members were not consulted or allowed to vote on proceeding with the legal action.
The controversy has ignited discussions among cryptocurrency enthusiasts, with some defending PleasrDAO's endeavor to safeguard its rights, while others question the rationale behind the lawsuit.
A decision by the court now bans Shkreli from distributing, displaying, or selling any part of the album, including its data and files.
Shkreli has additionally been instructed to disclose an account of copies he has kept, report earnings, and justify why the court should prevent the confiscation of all remaining album copies.
