Yuga Labs seeks to seize crypto assets held by Internet celebrity Jeremy Cahen
The Internet reported that Yuga Labs has filed a transfer order with the U.S. District Court for the Central District of California to seize the crypto assets held by Internet celebrity Jeremy Cahen (online name Pauli 0x). These assets are spread across four wallets, including Bitcoin, Ethereum and PEPECoin, with a total of nearly $400,000 as of October last year. In July 2022, Yuga Labs sued Cahen and artist Ryder Ripps, accusing them of infringing Yuga Labs 'trademark by selling Ryder Ripps Bored Ape Yacht Club NFT series. The court upheld Yuga's claim and awarded him more than US$1.5 million in damages in October 2023. In February of the following year, the total damages increased to nearly $9 million, including $7 million in legal fees and post-judgment interest. The final judgment will be rendered on February 2, 2024 and will take effect on March 3. Cahen did not pay a bond or obtain a suspended license, allowing Yuga Labs to begin post-judgment asset recovery. Since then, the company has issued subpoenas to Cahen's accountants and collected taxes from banks and crypto platforms such as Bank of America, Chase Bank, Wells Fargo, Robinhood, Coinbase, Binance and Gemini (enforced by the U.S. Marshals). Court records show Cahen transferred $396,946 worth of cryptocurrency to avoid taxes on Gemini. According to Yuga, the transfer occurred the day after the tax took effect before Gemini had time to freeze his accounts, indicating that he intended to evade asset seizure.
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