My how the tables have turned, eh! Yuga Labs is on the offensive! They’re on a crusade to take down Ryder Ripps and his partner in crypto crime, Cahen’s private assets, having just triumphed in a trademark infringement suit. On February 2, 2024, Yuga Labs obtained an entry of final judgment. As of March 3, that judgment had become enforceable, leading Yuga Labs to initiate asset recovery proceedings targeting Cahen’s assets worth close to $400,000. These assets, held in four wallets, consist of Bitcoin, Ethereum and PEPE coin.

The legal pursuit involves levies served on various financial institutions and crypto platforms, including Bank of America, Chase, Wells Fargo, Robinhood, Coinbase, Binance, and Gemini. U.S. Marshals delivered the levies. Yuga Labs has subpoenaed Cahen’s accountant.

Cahen, who was suspended last year, now describes himself as “the most censored man on X.” He is not just an antihero though, he is a fugitive, wanted for aggravated assault. Puerto Rican law enforcement rang in on this muscle power in February, putting him at the number one spot on San Juan’s most wanted list.

Legal Maneuvering and Allegations

This decision follows the court’s July ruling that Cahen and artist Ryder Ripps individually infringed upon Yuga Labs’ Bored Ape Yacht Club trademark. Ripps didn’t create the copycat project just for fun – in his May 2022 launch announcement, he claimed it was a form of “parody” and protest.

Specifically, Cahen has taken the position that he is not required to respond to any discovery requests as long as his appeal is still pending. Cahen has not posted a bond or received a stay of enforcement during the ongoing legal battles. Their failure to act essentially gives Yuga Labs the green light to continue their asset recovery.

Cahen has been accused of promoting multiple other meme coins/projects and being a scammer.

Asset Recovery Efforts Intensify

Yuga Labs’ efforts to reach Cahen’s assets increased after learning that he moved assets around after the levy itself had been filed. This move indicates a clear attempt to avoid asset seizure.

Cahen’s net worth is close to $400,000 as of last October. As part of enforcing that judgment, Yuga Labs is now trying to seize these assets to satisfy the judgment against Cahen.

The assets are heavy distributed into four different wallets, including Bitcoin, Ethereum, and PEPE coin.

Implications and Future Steps

Yuga Labs’ attack dogs launch the company’s real commitment to protecting its IP. This case further illustrates the difficulties and intricacies of enforcing trademark rights in the constantly evolving digital asset arena.

A striking ruling on this case may serve as precedent for subsequent IP litigation surrounding NFTs and other digital currencies. What’s next It remains to be seen whether or not Yuga Labs will be able to fully seize control of Cahen’s assets. We should certainly anticipate further lawsuits to come.