As an analyst with a background in law and experience in intellectual property cases, I find Martin Shkreli’s latest legal predicament quite intriguing. The fact that he is being sued by PleasrDAO for allegedly making unauthorized copies of the one-of-a-kind Wu-Tang Clan album, “Once Upon a Time in Shaolin,” adds another layer to his already colorful and controversial life.
Martin Shkreli seems unable to avoid running into legal issues. Previously, he was found guilty of securities fraud due to his manipulation of stocks while serving as the CEO of Turing Pharmaceuticals.
Currently, PleasrDAO, an on-chain organization known for amassing physical and digital art with charitable contributions, has initiated a lawsuit against him due to his controversial online actions. These actions may have resulted in financial damages for PleasrDAO.
In one of his prior securities convictions, Shkreli was forced to sell off his belongings, including a unique Wu-Tang Clan album titled “Once Upon a Time in Shaolin,” which he had originally purchased for $2 million. PleasrDAO subsequently obtained this valuable piece at an auction, paying $4.75 million for it.
The Wu-Tang Clan released this unique album as a singular piece, now owned by PleaseDAO, to challenge the commercialization of music. Consequently, the album carries significant worth. However, Shkreli reportedly undermined its value for PleasrDAO by creating a duplicate before his conviction and subsequently played it on a live stream for his audience.
Shkreli acted upon his decision despite being blocked by PleasrDAO on X. In response to this action, PleasrDAO posted on X, “We have unblocked you now. Additionally, please find attached a formal complaint served against you.”
Okay we unblocked you.
Also you’ve been served
— Pleasr (@PleasrDAO)
The person making the complaint discovered that the Album, which was believed to be the sole surviving version with its record, music, information, and packaging, now has hidden copies of the data and files that Shkreli kept during the confiscation. He plans or has already made these files accessible to the public.
Shkreli once again engaged in his characteristic provocative behavior on platform X, stating that PleasrDAO had not held a vote prior to initiating this lawsuit, and the case may be invalid in court.
“At PleasrDAO, there has been no discourse or decision-making regarding this lawsuit among our members. We are confident that we will prevail in court. Our community does not endorse this legal action. Looking forward to the proceedings!”
— Martin Shkreli (e/acc) (@MartinShkreli)
“Furthermore, PleasrDAO announced their intention to distribute the Wu-Tang Clan album broadly while respecting the group’s rights and ensuring they are financially rewarded, all without being subject to streaming monopolies.”
As a dedicated crypto investor and avid fan of the Wu-Tang Clan, my top priority is to ensure their music reaches the public while respecting their legacy and ensuring they receive fair compensation. Every move I make is aligned with this objective, aiming to bypass the streaming monopoly in an ethical and innovative manner.
— Pleasr (@PleasrDAO)
Image by Sergei Tokmakov, Esq. https://Terms.Law from Pixabay
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2024-06-13 11:26