Martin Shkreli Must Forfeit Wu-Tang Clan’s ‘Once Upon a Time in Shaolin’

The Wu-Tang Clan’s album “Once Upon A Time in Shaolin,” now owned by PleasrDAO, was once in the hands of convicted pharmaceutical executive Martin Shkreli. PleasrDAO has won a legal battle against Shkreli, accusing him of retaining unauthorized copies of the album and distributing it without their consent.

According to ArtNet, Judge Pamela Chen of the U.S. District Court for the Eastern District of New York ruled that Shkreli must surrender all copies of the rare album. He is also prohibited from streaming or sharing “Once Upon A Time in Shaolin.”

“Today’s ruling by the court is an important victory for our client PleasrDAO, who owns the exclusive rights to the one-of-a-kind-Wu-Tang Clan album,” said Steven Cooper, an attorney for PleasrDAO, in a written statement.

Judge Chen has instructed Shkreli to hand over all copies of the album to his attorney within one week. He must also provide an affidavit confirming this transfer. Within 30 days, Shkreli is required to list all copies of the album he distributed, identify the recipients, and disclose any profits made from it.

Shkreli purchased the Wu-Tang Clan album at an auction in 2015 for $2 million. He was arrested and convicted of securities fraud in 2017, leading to the government seizing the album and other assets. In 2021, PleasrDAO reportedly bought the album from the government for $4 million.

The company sued Shkreli in June, alleging that he streamed the music during a “Wu-Tang Official Listening Party” after his release from prison in May 2022. Shkreli also claimed to have made copies of the album, which he said were “hidden in safes all around the world.”

In June, Forbes reported that hip-hop fans could purchase an NFT of the Wu-Tang Clan album for $1. Fans could access the album for $1 and hear a five-minute sampler. PleasrDAO clarified that cryptocurrency is not necessary to purchase the NFT.

Source: ArtNet, Forbes