PleasrDAO has filed a preliminary injunction against Martin Shkreli to stop him from further sharing Wu-Tang Clan’s exclusive album, Once Upon a Time in Shaolin.
This action comes after Shkreli allegedly streamed the album during a social media event on June 9, 2024.
The DAO purchased the album for $4.75 million in 2021, and the firm considers it a valuable and unique musical piece that should be kept confidential.
PleasrDAO claims that the album’s value depends on its secrecy
Shkreli’s recent actions of streaming the album during an X Spaces event have been deemed harmful due to breaching its exclusivity and secrecy, which are integral to its worth. The legal motion emphasizes the importance of maintaining the album’s value through privacy and limited access.
PleasrDAOs legal documentation also mentions Shkreli’s agreement with Wu-Tang Clan when he originally bought the album in 2015. This agreement includes an 88-year ban on sharing the album except in narrowly defined situations. The DAO argues that Shkreli streaming the album during a social media event violates this agreement as it goes beyond the allowed use clause.
Court documents accuse Shkreli of being aware of the restrictions
Court documents further allege that Shkreli was fully aware of these restrictions. In a 2016 livestream, Shkreli acknowledged the limitations of his ownership, stating:
“I actually have a contract with the Wu-Tang Clan where I’m not allowed to do this. Obviously, I own the music. And I bought it. And I paid a lot of money for it. And in many ways, the contract shouldn’t matter that much, but I’m also a man of my word. I got to keep my word to them [Wu-Tang Clan] too.”
Shkreli
His awareness of the restrictions was also highlighted in a May 2024 interview, where he admitted that he was not “technically allowed to release the album” despite public pressure to do so.
Shkreli, who was sentenced to over six years in jail for securities fraud, has recently captured headlines after claiming he had collaborated with Barron Trump, the son of former President Donald Trump, on a meme token. However, sources close to the Trump family denied any involvement with him.