Morgan Chittum

<div id="highlights-block_61f2d60fbec96" class="highlights">
 <ul>
 <li>The lawsuits range from allegations of copyright infringement to misleading investors</li>
 <li>Kim Kardashian, Floyd Mayweather Jr. and Quentin Tarantino have been threatened with legal action over their affiliation with crypto projects</li>
 </ul>
 
</div>



Kim Kardashian, Floyd Mayweather Jr. and Quentin Tarantino may be best known for their roles in reality television, sports and award-winning films, but recently the three have joined a growing list of celebrities being sued for their affiliation with cryptocurrency-related projects. 



On June 14, Kardashian touted token EthereumMax for all of her 250 million followers to see.&nbsp;&nbsp;



“Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the EthereumMax token,” Kardashian wrote. “A few minutes ago EthereumMax burned 400 trillion tokens — literally 50% of its management portfolio going back to the entire E-Max community. Swipe up to join the e-max community.”



Boxer Mayweather also promoted the project in the runup to a televised fight with Youtuber Logan Paul, the same month for which some tickets were available for purchase with EthereumMax tokens.



After Mayweather announced that tickets could be <a href="https://www.prnewswire.com/news-releases/huge-milestone-for-practical-use-of-emax-301300421.html" target="_blank" rel="noreferrer noopener">purchased via EthereumMax</a> tokens on May 26 the price surged, peaking on May 29 at 420 times its pre-May 26 level, according to data from <a href="https://coinmarketcap.com/currencies/ethereummax/" target="_blank" rel="noreferrer noopener">Coinmarketcap</a>. The price fell sharply within days—a decline that continued after Kardashian’s tweet. 



By July 1, two weeks after Kardashian’s post, the token’s price had fallen approximately 96% from its peak.



Seven months after the post, a <a href="https://www.classaction.org/media/huegerich-v-gentile-et-al.pdf" target="_blank" rel="noreferrer noopener">class action complaint</a> was filed against Kardashian, Mayweather, two EthereumMax executives and another public promoter of the token, former <a href="https://twitter.com/paulpierce34/status/1397628485917577217?s=20&amp;t=taLRPy-ipbWyangd6HZjgA" target="_blank" rel="noreferrer noopener">NBA player Paul Pierce.</a> The suit alleges that EthereumMax executives inflated the price of the tokens before selling theirs for a large profit. 



New York resident Ryan Huegeruch, who lost money from investing in EthereumMax tokens, filed the claim on Jan. 7 in California federal court. Court filings alleged that the defendants advertised the project to raise the price of the token at “the expense of their followers and investors.&#8221;



“The [suit] alleges a classic pump-and-dump scheme, which claims an artificially inflated price of a stock by publicly touting false and misleading statements to the market and then insiders [later sell] the stock in order to make a profit,” Braden Perry, a former CFTC enforcement attorney, told Blockworks.&nbsp;



“The celebrities are paid for promotion, but typically do not know much about the underlying technology,” Perry said. “Nevertheless, such activity is considered market manipulation for all involved, including the celebrity promoters.”



The complaint alleged that the post from Kardashian had “tremendous reach.” According to a <a href="https://morningconsult.com/2021/09/21/kim-kardashian-crypto-celebrity/" target="_blank" rel="noreferrer noopener">survey</a> by financial services firm Morning Consult, 21% of all adults in the US had seen, read or heard about the post. Roughly a fifth of those who said they&#8217;d heard about the post invested in EthereumMax, the consultancy reported. 



Head of the UK’s Financial Conduct Authority Charles Randell <a href="https://www.fca.org.uk/news/speeches/risks-token-regulation" target="_blank" rel="noreferrer noopener">said</a> that Kardashian’s Instagram post may have been “the financial promotion with the single biggest audience reach in history.” 



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="979" height="710" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png" alt="" class="wp-image-16168" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=979 979w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=354 354w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=360 360w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=302 302w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=50 50w" sizes="(max-width: 979px) 100vw, 979px" /></figure></div>



“The kinds of people that have been convinced by Kim Kardashian [to invest] probably shouldn&#8217;t be buying [crypto] anyway,” Stephen Young, founder of NFT marketplace NFTFi, told Blockworks.&nbsp;



<blockquote class="wp-block-quote">“I think [these lawsuits] are probably scaring some people away [from investing] but honestly, if that’s what made them decide to buy crypto they were going to lose their money anyway because they didn&#8217;t actually understand what they were doing.”</blockquote>



Director Quentin Tarantino is also facing an ongoing legal battle over his sale of NFTs based on his cult movie Pulp Fiction.&nbsp;



On Nov. 16, Miramax, the Hollywood studio that produced the 1994 movie, filed a lawsuit accusing Tarantino of committing trademark infringement, breaching his contract, copyright infringement and of unfair competition.&nbsp;



Miramax attorney Bart Williams accused Tarantino and his team of a “deliberate, premeditated, short-term money grab,” describing their actions as “profoundly disappointing,” according to a <a href="https://embed.documentcloud.org/documents/21111461-miramax-tarantino-nft/?embed=1&amp;responsive=1&amp;title=1" target="_blank" rel="noreferrer noopener">court filing</a>. 



However, the 58-year-old filmmaker has pushed forward with his <a href="https://cms.blockworks.co/quentin-tarantino-pushes-forward-with-pulp-fiction-nft-plans-despite-lawsuit-from-miramax/" target="_blank" rel="noreferrer noopener">non-fungible tokens plan </a>despite threats of legal action. The first of seven digital collectibles from the collection, which promise personalized audio commentary from the director himself, sold for $1.1 million at auction. 



“Celebrities are an easy target for [lawsuits] as typically they have deeper pockets than the company or company insiders,” Perry, the former CFTC enforcement attorney, said. “And with celebrities, it’s a very public battle, and underlying facts will dictate who’s right and who’s wrong. And whoever’s wrong may be looking at significant penalties from civil litigation and regulatory scrutiny.”



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Celebrities Are Getting Sued Over Their Affiliation With Crypto Projects. Here’s Why

<div id="highlights-block_61e8977c7a3b2" class="highlights">
 <ul>
 <li>Secret Network is best known for building a non-fungible token protocol, which advertises itself as the first “NFT with programmable privacy&#8221;</li>
 <li>Investment firms that have taken a large SCRT token position include CoinFund, Alameda Research, HashKey and DeFiance Capital</li>
 </ul>
 
</div>



Secret Network will soon deploy $400 million into its network’s ecosystem from big-name investors such as CoinFund, Alameda Research and DeFiance Capital, the protocol’s developer told Blockworks on <a href="https://scrt.network/blog/secret-network-400m-ecosystem-funding-new-investors" target="_blank" rel="noreferrer noopener">Wednesday</a>.



The privacy-focused blockchain will launch a $175 million accelerator pool and $225 million ecosystem fund, according to marketing materials. The $225 million raise will come from 25 different investors and the other $175 million will be deployed directly from SCRT Labs.&nbsp;



The accelerator pool will be a source of non-dilutive early stage funding for various projects trying to build on Secret Network, according to a <a href="https://scrt.network/blog/secret-network-400m-ecosystem-funding-new-investors" target="_blank" rel="noreferrer noopener">blog post</a> from the startup. Early backers included KuCoin, Terra, DragonFly Capital, Blocktower and Huobi Capital.&nbsp;



Secret Network is best known for building a non-fungible token protocol, which advertises itself as the first “NFT with programmable privacy,” according to its <a href="https://scrt.network/" target="_blank" rel="noreferrer noopener">website.</a> Both the NFT holder and creator can lease, own, and sell the [digital] art privately.



<blockquote class="wp-block-quote">“[Unlike] normal NFTs, we can provide [user] access control,” Guy Zyskind, the founder and CEO of Secret Network, <a href="https://cms.blockworks.co/director-quentin-tarantino-to-release-line-of-pulp-fiction-nfts/" target="_blank" rel="noreferrer noopener">previously</a> told Blockworks. “Essentially, if I’m an artist, and I’m publishing an art piece, I don’t have to reveal it to the entire world, I can publish it selectively.”</blockquote>



Secret Network previously made headlines for its partnership with award-winning director Quentin Tarantino last year, collaborating on a line of “Pulp Fiction” NFTs. Tarantino’s collection plans led to a <a href="https://cms.blockworks.co/why-the-studio-that-produced-pulp-fiction-is-suing-quentin-tarantino-over-nfts-based-on-his-screenplay/" target="_blank" rel="noreferrer noopener">lawsuit</a> from Miramax, the movie studio that produced the 1994 film.&nbsp;



Miramax accused Tarantino of committing copyright infringement, trademark infringement, breach of contract and unfair competition, according to court documents. Secret Network said in a statement to Blockworks that it has not been threatened with any legal action and still intends to work with Tarantino on his NFT efforts.



Zyskind said the $400 million will flow into the network’s ecosystem to help propel its growth. “With a strong network of supporters and a passionate global community, Secret Network is now entering its most aggressive growth phase to date,” he wrote in a <a href="https://www.businesswire.com/news/home/20220119005731/en/Secret-Network-Announces-400-Million-in-Ecosystem-Funding-Alongside-Substantial-New-Investment-from-Leading-Firms" target="_blank" rel="noreferrer noopener">statement.&nbsp;</a>



The network’s native token, SCRT,&nbsp; is currently trading 4.2% lower at $9.22 after the news, according to data provider <a href="https://www.coingecko.com/en/coins/secret" target="_blank" rel="noreferrer noopener">CoinGecko</a>.



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Secret Network Announces $400M Ecosystem Funding, Reveals Big-Name Investors

<div id="highlights-block_61d582e809f9a" class="highlights">
 <ul>
 <li>Miramax filed a lawsuit accusing Tarantino of copyright infringement in November</li>
 <li>The NFT auction will start on Jan. 17 and end on Jan. 31</li>
 </ul>
 
</div>



Award-winning movie director Quentin Tarantino will release his line of “Pulp Fiction” NFTs despite Miramax’s <a href="https://cms.blockworks.co/why-the-studio-that-produced-pulp-fiction-is-suing-quentin-tarantino-over-nfts-based-on-his-screenplay/">lawsuit</a> against the 58-year-old screenwriter and his team, according to a press release on Wednesday.&nbsp;



Tarantino’s attorney Brian Freedman maintains that the filmmaker has every right to create and sell his non-fungible tokens (NFTs) based on the 1994 movie, which garnered $214 million at the box office.



<blockquote class="wp-block-quote">“Quentin Tarantino’s contract is clear: he has the right to sell NFTs of his handwritten script for Pulp Fiction, and this ham-fisted attempt to prevent him from doing so will fail,” Freedman told Blockworks in a statement on Tuesday.&nbsp;</blockquote>



The Hollywood studio, which produced the film, filed a lawsuit on Nov. 16, accusing Tarantino of breaching his contract, committing trademark infringement, copyright infringement and of unfair competition, according to a <a href="https://embed.documentcloud.org/documents/21111461-miramax-tarantino-nft/?embed=1&amp;responsive=1&amp;title=1" target="_blank" rel="noreferrer noopener">court filing</a>.&nbsp;



According to the lawsuit, Tarantino did not disclose any NFT plans with the studio prior and despite being served a cease and desist letter to cancel the sale, he still publicly announced the collection.



Miramax attorney Bart Williams, a partner at Proskauer Rose LLP, told Blockworks on Wednesday that Tarantino’s team filed their answer to Miramax’s complaint on Dec. 9, but nothing further has been done, and that litigation remains pending.



“There’s been no attempt to dismiss any of Miramax’s claims by Tarantino’s team, nor have they filed any counter claims or motions against Miramax, and since Miramax filed its lawsuit, the promotional website and Twitter account for the proposed sale have scaled back the unauthorized use of imagery from Miramax films (including Pulp Fiction),” Williams said.



Williams, previously accused Tarantino and his team of a “deliberate, premeditated, short-term money grab,” describing their actions as “profoundly disappointing.”



“This group chose to recklessly, greedily, and intentionally disregard the agreement that Quentin signed instead of following the clear legal and ethical approach of simply communicating with Miramax about his proposed ideas,” Williams previously told Blockworks on Nov. 17. 



Freedman has since fired back at the movie studio&#8217;s allegations.&nbsp;



<blockquote class="wp-block-quote">“Miramax’s callous decision to disclose confidential information about its filmmakers’ contracts and compensation will irreparably tarnish its reputation long after this case is dismissed.”</blockquote>



Tarantino first <a href="https://cms.blockworks.co/director-quentin-tarantino-to-release-line-of-pulp-fiction-nfts/" target="_blank" rel="noreferrer noopener">announced</a> the blockchain-based lines of digital collectibles in early November.



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="640" height="360" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/shutterstock_1388590361.png" alt="Pulp Fiction" class="wp-image-13478" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/shutterstock_1388590361.png?w=640 640w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/shutterstock_1388590361.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/shutterstock_1388590361.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/shutterstock_1388590361.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/shutterstock_1388590361.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/shutterstock_1388590361.png?w=80 80w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption>Source: Shutterstock</figcaption></figure></div>



Each NFT consists of a single scene from the screenplay, along with personal audio from the director himself.&nbsp;



“The best artists and creators want complete control over how their stories are told and how they connect with their audiences,” Tarantino said, when the collection was first revealed. “They want to be able to experiment, share their truths and create their own worlds.”&nbsp;



<h3 class="wp-block-heading">Secret NFTs appeal to Tarantino</h3>



The NFTs will be powered by Secret Network’s blockchain, which allows both the creator and holder to display, sell, lease and own the art privately, according to Secret Network co-founder Guy Zyskind.&nbsp;



“For artists like Quentin Tarantino — whose work is highly valued and internationally renowned — retaining this control is necessary,” Zyskind told Blockworks in a statement.



<blockquote class="wp-block-quote">“For collectors, this protection and control is what secures the intrinsic and long-term value of their NFTs.”</blockquote>



Zyskind said Secret Network, also called SCRT, has not been named in any litigation around the lawsuit.



“[Quentin] has made [it] clear in court filings that he is very confident that the grant of rights to SCRT is proper, and we support his effort in bringing his art, which is now a landmark in pop culture, into the NFT space,” he said.



The auction will begin on Jan. 17 and will release the digital collectibles on various dates until Jan. 31. Miramax has commenced discovery, and the parties have an initial scheduling conference before the Court on Feb. 24, over a month after the auction is set to go live.



Although threats of legal action did not stop Tarantino’s plans, former CFTC enforcement attorney Braden Perry said the lawsuit could serve as a cautionary tale for future artists.



“It’s critical for artists who enter the NFT market to grasp the full legal rights owned by the artist, and those rights owned by others,” Perry told Blockworks in a statement. “A full understanding of the NFT market and the minting process together with intellectual property rights would help alleviate many legal issues.”



This story has been updated on Jan. 5, 2022, at 11:35 am ET, with additional comments from Miramax.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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Quentin Tarantino Pushes Forward with ‘Pulp Fiction’ NFT Plans Despite Lawsuit from Miramax

<div id="highlights-block_6195522f6e5c0" class="highlights">
 <ul>
 <li>Miramax attorney Bart Williams said Tarantino&#8217;s actions were “profoundly disappointing” and accused him of a “deliberate, premeditated, short-term money grab&#8221;</li>
 <li>&#8220;The case is an example of how complicated the evolving electronic world has become,&#8221; according to former CFTC enforcement attorney, Braden Perry</li>
 </ul>
 
</div>



Miramax filed a <a href="https://embed.documentcloud.org/documents/21111461-miramax-tarantino-nft/?embed=1&amp;responsive=1&amp;title=1" target="_blank" rel="noreferrer noopener">lawsuit</a> on Tuesday against director Quentin Tarantino over the upcoming sale of a “Pulp Fiction” non-fungible token (NFT) collection.&nbsp;



The Hollywood studio’s attorneys allege that Tarantino and his team committed copyright infringement, trademark infringement, breach of contract and unfair competition, according to the complaint.&nbsp;



Miramax attorney Bart Williams said Tarantino&#8217;s actions were “profoundly disappointing” and accused him of a “deliberate, premeditated, short-term money grab.”&nbsp;



<blockquote class="wp-block-quote">“This group chose to recklessly, greedily, and intentionally disregard the agreement that Quentin signed instead of following the clear legal and ethical approach of simply communicating with Miramax about his proposed ideas,” Williams told Blockworks in a statement.&nbsp;</blockquote>



Attorneys for the studio allege that Tarantino did not disclose plans with the studio prior to “a coordinated press campaign” for the NFT collection and having “what were likely extensive negotiations with third parties to develop and sell [them].”



According to the suit, Miramax previously served the director’s team a cease and desist letter to block the auction. But the sale is still set to begin in December on OpenSea.



“The fact that Tarantino kept Miramax out of the loop is particularly problematic because he granted and assigned nearly all of his rights to “Pulp Fiction” (and all its elements in all stages of development and production) to Miramax in 1993, including the rights necessary for the “secrets from Pulp Fiction” that he intends to sell,” according to a filing first reported by <a href="https://s3.documentcloud.org/documents/21111461/miramax-tarantino-nft.pdf" target="_blank" rel="noreferrer noopener">Variety</a>.



Tarantino first <a href="https://cms.blockworks.co/director-quentin-tarantino-to-release-line-of-pulp-fiction-nfts/" target="_blank" rel="noreferrer noopener">announced</a> the upcoming release of seven NFTs earlier this month. The digital collectibles consist of never-before-seen handwritten scripts and commentary from “Pulp Fiction”, the award-winning director said. (The classic film originally garnered over $200 million and took home the Oscar for Best Screenplay in 1994.)



<blockquote class="wp-block-quote">“The best artists and creators want complete control over how their stories are told and how they connect with their audiences,” Tarantino said, when the collection was first revealed. “They want to be able to experiment, share their truths and create their own worlds.”&nbsp;</blockquote>



The NFTs run on Secret Network’s blockchain and allow both the holder and creator to lease, own, and sell said art privately, co-founder of <a href="https://scrt.network/about/secret-nfts" target="_blank" rel="noreferrer noopener">Secret Network</a> Guy Zyskind told <a href="https://cms.blockworks.co/director-quentin-tarantino-to-release-line-of-pulp-fiction-nfts/" target="_blank" rel="noreferrer noopener">Blockworks.</a>&nbsp;



“We are aware of the lawsuit from Miramax brought against Quentin Tarantino. We are here to support and empower any artist or creative that wishes to join the NFT community and connect with their audience using Secret Network,” Zyskind said when Blockworks requested comment on the matter. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">NFTs are meant to empower creators, connecting them directly with their audiences and communities. Secret NFTs on <a href="https://twitter.com/SecretNetwork?ref_src=twsrc%5Etfw">@SecretNetwork</a> take this potential a step further. Now some in the media world want to take a massive step back. We stand with creators. <a href="https://t.co/Jq1STRuI45">https://t.co/Jq1STRuI45</a>&mdash; Tarantino NFTs (@TarantinoNFTs) <a href="https://twitter.com/TarantinoNFTs/status/1460748989813432323?ref_src=twsrc%5Etfw">November 16, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Additionally, the lawsuit states that Tarantino’s auction interferes with Miramax&#8217;s own plans to enter the NFT space with “Pulp Fiction” NFTs. “This one-off effort devalues the NFT rights to “Pulp Fiction”, which Miramax intends to maximize through a strategic, comprehensive approach,” Williams said.&nbsp;



Outside of potentially throwing a wrench in Tarantino’s plans, the lawsuit could challenge traditional contractual and copyright legal principles, according to former CFTC enforcement attorney, Braden Perry.



&#8220;This case is an example of how complicated the evolving electronic world has become. NFT rights and ownership are highly complex and outside the regulatory [and] current legal guardrails,” Perry said. “The implications for the NFT space [are] significant. Here, when technology surpasses a regulatory scheme, there’s no precedent nor guidance, and individual cases will have to fill in the many blanks in the emerging field.”



<hr class="wp-block-separator"/>



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Why the Studio that Produced ‘Pulp Fiction’ is Suing Quentin Tarantino Over NFTs Based on His Screenplay

<div id="highlights-block_618020b3a79a6" class="highlights">
 <ul>
 <li>Secret Network allows users to hold the crypto assets privately, according to co-founder Guy Zyskind</li>
 <li>The initial collection is set to go to auction on NFT marketplace OpenSea</li>
 </ul>
 
</div>



Quentin Tarantino is set to release a collection of seven non-fungible tokens (NFTs), consisting of never-before-seen handwritten scripts and commentary from &#8220;Pulp Fiction&#8221;, the award-winning director announced on Tuesday.



“I’m excited to be presenting these exclusive scenes from &#8216;<a href="https://www.imdb.com/title/tt0110912/">Pulp Fiction</a>&#8216; to fans,” Tarantino said in a statement to Blockworks.&nbsp;The original film, which garnered roughly $214 million at the box office, led Tarantino to take home the Oscar for Best Screenplay in 1994.&nbsp;&nbsp;



The collection will run on Secret Network’s blockchain, which allows both the creator and NFT holder to own, lease and sell said art privately, co-founder of <a href="https://scrt.network/about/secret-nfts">Secret Network</a> Guy Zyskind told Blockworks.&nbsp;



“If the whole idea of Secret NFTs is that I can share something specifically with those who purchase it, then I want to share something that is extremely valuable to me, extremely valuable in pop culture, and something that has never been seen before,” he said, citing conversations with Tarantino about the project.&nbsp;



“What is something truly iconic? What is something that is very, very close to his heart, very, very close to his fans, historic in terms of pop culture significance? And then [Tarantino] came up with the idea,” Zyskind said.&nbsp;“[Tarantino] said, ‘Look, I have the original handwritten &#8216;Pulp Fiction&#8217; script. I&#8217;ve never shared it with anyone.’”



Secret NFTs contain content only viewable by the owner of the asset itself — and ownership does not have to be made public.&nbsp;



“[Unlike] normal NFTs, we can provide [user] access control,”&nbsp; Zyskind added. “Essentially, if I&#8217;m an artist, and I&#8217;m publishing an art piece, I don&#8217;t have to reveal it to the entire world, I can publish it selectively.”



Privacy and access controls like Secret’s are game-changers for <a href="https://cms.blockworks.co/the-investors-guide-to-nfts/" target="_blank" rel="noreferrer noopener">NFT</a>s, according to Zyskind. “NFTs could be the most disruptive technology to come out of this decade,” he said. “The art community is alive with innovation and the media is actively exploring all the potential use cases associated with the technology. Now, we have privacy and access controls courtesy of Secret Network. Ultimately, that will enable a whole litany of new potential use cases.”



The &#8220;Pulp Fiction&#8221; NFT collection is set to go to auction on OpenSea, but an official date has yet to be announced.