StockX is no stranger to controversy as over the company’s short history they’ve dealt with a massive data breach, accusations of passing fake sneakers as authentic, and are currently in a legal battle with The Swoosh over NFTs that may or may not be infringing on Nike’s IP. While not directly involved in the robbery that took place near a Nike Distribution Center in Memphis, Tennessee, StockX did process sales that were directly tied to various Air Jordan models that were stolen, including the Air Jordan 11 “Cherry.” Now, a few weeks after suspending sales on their platform, users who sold early pairs of the aforementioned sneaker are getting their payouts revoked from StockX.
Why is StockX Revoking Payouts For The Air Jordan 11 "Cherry?"
Considering the number of pairs that were stolen, as the total damages came out to around $800,000 worth of Nike products, the recent spike in sales on StockX for the AJ 11 “Cherry” likely was tied to pairs that were involved in the theft. This would make StockX liable for handling stolen products and get them wrapped up in the ongoing investigation that is underway by the FBI and the local Memphis police department.
StockX's Response To Halting Sales Of Stolen Air Jordan Sneakers
As stated by StockX to NiceKicks, “At StockX, we have a dedicated fraud team that monitors activity on our platform and employs proprietary practices to prevent fraudulent behavior. This team takes action on any suspicious buyer or seller activity. Following a known robbery at a brand’s distribution center, we took proactive measures to temporarily halt the trading of the sneakers in question. We are working with local authorities to support their active investigation. StockX is fully committed to marketplace integrity, and we frequently deploy new technologies and processes to stay ahead of bad actors and deliver an unparalleled experience to our global customers.”
As this investigation is still ongoing, the full details of the event are still under wraps, though we’ll have to keep our eyes peeled on the latest developments from authorities and StockX in regards to what will happen next. Keep it locked to our Twitter and the Sole Retriever mobile app to stay updated on the latest in sneakers, streetwear, and more.
