PleasrDAO, a decentralized organization famous for its collection of digital and physical art, distribution of ownership among its members, and support for charitable causes, has taken legal action against Martin Shkreli, known as the ‘pharma bro’.
The lawsuit was initiated after Shkreli hosted an online event on June 9 where he allegedly live-streamed a unique Wu-Tang Clan album that had been acquired by PleasrDAO in 2021. This act was seen as causing harm to PleasrDAO, resulting in a significant financial loss and irreparable damage, as stated in their official complaint.
Shkreli has refuted the lawsuit, claiming that the members of PleasrDAO did not approve of the legal action and were not given the chance to vote on it.
In 2021, PleasrDAO obtained the Wu-Tang album, “Once Upon a Time in Shaolin,” through an asset forfeiture auction for around $4.75 million, paid in two installments. The album was created by Wu-Tang Clan as a response to the growing digitalization and commercialization of music, aiming to elevate music to the status of high art instead of a mass-produced commodity.
The album was initially owned by Shkreli, who purchased it for $2 million. In a 2016 interview with Vice, Shkreli played a snippet of the album, showcasing its gold-embossed discs. However, he was later required to surrender the album to authorities in 2018 following his conviction for securities fraud.
Despite the legal dispute, PleasrDAO remains committed to its mission of promoting art, sharing ownership, and supporting charitable causes.