Yuga Labs seeks to seize cryptocurrency assets held by internet celebrity Jeremy Cahen

Yuga Labs has submitted a transfer order to the United States District Court for the Central District of California, aimed at seizing cryptocurrency assets held by internet celebrity Jeremy Cahen (pseudonym Pauly0x). These assets are distributed across four wallets, including Bitcoin, Ethereum, and PEPE, totaling nearly $400000 as of October last year. In July 2022, Yuga Labs sued Cahen and artist Ryder Ripps, accusing them of infringing on Yuga Labs' trademark by selling the Ryder Ripps Bored Ape Yacht Club NFT series. The court supported Yuga's claim and awarded him over $1.5 million in compensation in October 2023. In February of the following year, the total compensation increased to nearly 9 million US dollars, including 7 million US dollars in legal fees and post judgment interest. The final judgment was made on February 2, 2024 and came into effect on March 3. Cahen did not pay the deposit or obtain a deferred execution permit, which allowed Yuga Labs to begin asset recovery after the judgment. Subsequently, the company has issued subpoenas to Cahen's accountant and has also issued subpoenas to Bank of America, JPMorgan Chase, and Wells Fargo Robinhood、Coinbase、 Binance, Gemini and other banks and cryptocurrency platforms levy taxes (enforced by US law enforcement). According to court records, Cahen transferred cryptocurrency worth $396946 to evade Gemini's taxes. According to Yuga, this transfer occurred on the second day after the tax came into effect, and Gemini had not yet frozen his account, indicating his intention to evade asset seizure.