BIG3 Lawsuit Exposes Alleged Deceptive Promises to NFT Purchasers

A class-action lawsuit has been filed against BIG3, a professional 3-on-3 basketball league founded by Ice Cube, on behalf of NFT purchasers who paid up to $25,000 for Ethereum-based tokens in 2022. The plaintiffs claim the league made deceptive and fraudulent promises about ownership rights, team management decisions, and financial participation in future sales.

The lawsuit alleges that BIG3 sold four teams to outside investors in 2024 for around $40 million, netting a significant profit. However, the NFT holders, who were initially promised ownership stakes, claim they have not received any benefits or profits from these team sales.

The plaintiffs are seeking damages, restitution, and declaratory relief, according to their attorney, Joseph Sakai. BIG3 has responded that the plaintiffs are filing a public nuisance suit despite contractual obligations to resolve disputes through confidential arbitration.