Wu Tang Clan is nothing to f’ with – and “Pharma Bro” Martin Shkreli found that out the hard way. Shkreli, a multi-millionaire investor, and PleasrDAO are at it over the sole copy of the Wu Tang album Once Upon a Time in Shaolin.
Shkreili obtained the album in 2015, but his securities fraud conviction in 2018 handed it over to the Feds. Fast-forward to 2021, and crypto group PleasrDAO tried to pick up the album for $4.75 million to give this musical unicorn a new life through NFTs.
Now, the battle for the Wu-Tang album seems finally over.
Legal Wranglings and Allegations for the Wu Tang Album
The tension began over the Wu Tang album when PleasrDAO threw the gauntlet at Shkreli, accusing him of hoarding digital versions of the Wu-Tang album post-seizure.
A federal judge laid down the law, demanding Shkreli hand over every last copy and certify his compliance in writing by the end of August.
“The Court issued a preliminary injunction as to Defendant Shkreli: enjoining him from possessing, using, disseminating, or selling any interests in the Album.” – Judge Chen
Martin Shkreli Forced to Surrender All Copies of Unreleased Wu-Tang Album.
The pharma bro purchased 'Once Upon a Time in Shaolin' in 2015 for a reported two million at auction.
Details: https://t.co/FZb1mjpdfK pic.twitter.com/2G59MylGWI
— Complex (@Complex) August 27, 2024
Shkreli’s legal team argues that the court’s order is a preliminary measure, not indicative of fault or wrongdoing. Edward Paltzik, Shkreli’s lawyer, maintains that the decision “has no bearing whatsoever on the final outcome of the case.”
“Crucially, the Court did not find that PleasrDAO is likely to succeed on the merits or that the DAO’s allegations are true,” said Paltzik
DISCOVER: 19+ Next Cryptocurrency to Explode in 2024
Implications for the Music and Crypto Worlds
The album, recorded between 2007 and 2013, comprises at least 31 tracks and initially promised to be the only physical copy. PleasrDAO’s lawsuit seeks to enforce this exclusivity, aiming to prevent Shkreli from benefiting financially from the album.
As the courtroom spotlight shines on digital ownership in the age of blockchain, PleasrDAO’s crusade to redefine music rights through NFTs is both avant-garde and contentious.
Their fight to lock down the exclusivity of Wu-Tang’s 31-track marvel underscores the high stakes of this digital frontier as they seek to block Shkreli from riding the album’s coattails to profit.
Both PleasrDAO and Shkreli are bracing for a ripple effect that could redefine NFT and digital rights management, setting the stage for industry upheaval.
EXPLORE: 15 Best No KYC Crypto Exchanges for 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
