Month: September 2024

PleasrDAO, the crypto group that owns the sole physical copy of the Wu-Tang Clan’s one-of-a-kind album Once Upon a Time in Shaolin, is locked in a legal battle with former pharmaceutical executive Martin Shkreli over his alleged retention of unauthorized copies of the album. The group has accused Shkreli of failing to fully comply with a court order to surrender all existing copies of the album and is now asking a federal judge to enforce a more thorough search of his possessions.

In a letter submitted to a New York federal court on September 6, PleasrDAO expressed doubts about Shkreli’s claims that he has handed over all duplicates of the album. The group pointed to Shkreli’s public boasts about distributing copies to others, raising concerns that he may still possess additional copies that could diminish the value of their $4.75 million purchase.

Shkreli, who acquired the album in 2015 before it was seized by the U.S. government following his conviction for securities fraud, submitted a sworn declaration on August 26 stating that he had found 15 files containing copies of the album on his Microsoft OneDrive. He asserted that he had searched all his “devices, electronic accounts, and other personal effects” in compliance with the court order.

However, PleasrDAO remains skeptical. In their court filing, the group argued that Shkreli’s search may have been incomplete, particularly since he acknowledged the existence of “storage facilities” where his personal effects were kept during his imprisonment. The group claimed that Shkreli provided no clear explanation for why these facilities had not been fully searched, leaving open the possibility that additional copies of the album are hidden away.

The group’s skepticism is fueled by Shkreli’s own statements. PleasrDAO referenced a public remark allegedly made by Shkreli in which he claimed, “Dude, you know I burned the album and sent it to like, 50 different chicks, right?” This statement, if true, contradicts Shkreli’s sworn declaration and supports PleasrDAO’s concerns that more copies may exist.

The controversy stems from PleasrDAO’s 2021 purchase of the album from the U.S. Justice Department, which had seized it from Shkreli as part of his forfeited assets. The DAO bought the album with the understanding that it was the only existing copy, and they are now selling partial ownership of the record through non-fungible tokens (NFTs).

In June, PleasrDAO sued Shkreli, accusing him of retaining copies of the album in violation of their agreement. The group is seeking a court order to permanently seize any remaining copies in Shkreli’s possession and to prevent him from financially exploiting the album.

Shkreli, for his part, has argued that any copies he made were created under the terms of his original purchase agreement and are not subject to forfeiture. He maintains that he still has the right to use those copies, setting the stage for a potentially protracted legal dispute over the fate of the elusive Wu-Tang Clan album.

The post PleasrDAO Challenges Martin Shkreli Over Wu-Tang Clan Album Copies first appeared on The Source.

The post PleasrDAO Challenges Martin Shkreli Over Wu-Tang Clan Album Copies appeared first on The Source.