Jeremy Cahen, a social media figure known online as Pauly0x, is facing legal pressure from Yuga Labs, a non-fungible token (NFT) company.
The company is asking a California court to hand over nearly $400,000 worth of crypto assets—Bitcoin
$93,306.04
, Ethereum
$1,782.60
, and PEPE
$0.00000872
—held in four wallets linked to Cahen.
In 2022, Yuga Labs filed a lawsuit against Cahen and artist Ryder Ripps. The pair had launched an NFT collection called the “Ryder Ripps Bored Ape Yacht Club”, which closely resembled Yuga’s original Bored Ape series.
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Ripps claimed his project was a parody meant to criticize the original collection, accusing it of including offensive hidden imagery. The court did not accept that argument and ruled in Yuga’s favor.
In October 2023, a judge awarded Yuga Labs $1.5 million in damages. The amount increased in February 2024, after attorney fees and interest were added, which brought the total to almost $9 million.
Since Cahen has not taken steps to delay or block enforcement, such as posting a bond, Yuga Labs has started trying to collect what it is owed. It has served legal notices to banks and crypto companies, including Binance
$10.77B
, Coinbase
$2.85B
, Gemini
$266.19M
, and several major US banks.
In a recent filing, the company told the court that Cahen “has made a mockery” of the ruling by ignoring orders and not paying anything so far.
On April 9, OpenSea’s legal team contacted the US Securities and Exchange Commission (SEC) to request clearer rules on how NFT marketplaces should be classified under current laws. What did they say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
