PleasrDAO, a decentralized autonomous organization (DAO) known for its art collections and charitable initiatives, has sued Martin Shkreli, sometimes referred to as “pharma bro.”
The lawsuit accuses Shkreli of illegally streaming a one-of-a-kind Wu-Tang Clan album during an X Spaces event on June 9.
The album, titled “Once Upon a Time in Shaolin,” was purchased by PleasrDAO in 2021 for $4.75 million.
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PleasrDAO claims that Shkreli’s actions have caused irreparable harm to the organization. In their complaint, PleasrDAO stated:
The Album was supposed to constitute the sole existing copy of the record, music, data and files, and packaging. It now appears, however, that Shkreli improperly retained copies of the data and files at the time of the forfeiture and has released and/or intends to release them to the public.
Shkreli has denied the allegations, arguing that the lawsuit lacks the support of PleasrDAO’s members, who were not asked to vote on the decision to file it.
The Wu-Tang album has a unique history, created to counter the commercialization of music. It was initially sold to Shkreli in 2015 for $2 million, who held the album until his 2017 conviction for securities fraud, after which he was ordered to forfeit his assets, including the album.
In 2021, PleasrDAO bought the album in an auction of Shkreli’s forfeited assets. The DAO aimed to honor the album’s artistic value and share its ownership among its members.
The legal action against Martin Shkreli raises essential questions about digital ownership and the value of unique art in today’s world.
In other news, Wu-Tang’s Ghostface Killah released exclusive music in the form of Bitcoin Ordinals earlier this year.
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