A Tantalizing Tale of NFT Drama
Creators of Bored Apes Pursue Stolen $400K Cryptocurrency Assets from Vanished Influencer
Explore the riveting story of Yuga Labs and crypto influencer, Jeremy Cahen (aka Pauly0x), in a courtroom clash over that $400K crypto fortune.
The Lowdown
Yuga Labs, the imaginative minds behind the sensational Bored Ape Yacht Club NFT collection, have initiated a legal spree to take control of Cahen's crypto assets worth nearly $400,000. The dispute between the two parties arose from a lawsuit filed in July 2022, accusing Cahen and artist Ryder Ripps of violating the Bored Ape Yacht Club's trademark by peddling their own NFT collection, a supposed duplicate.
The Original Tussle
Ripps unveiled his copycat project in May 2022, declaring it a "parody" and a form of protest. He asserted that the original Bored Ape NFTs housed hidden Nazi and racist imagery. However, the court saw things differently and ruled in Yuga Labs' favor in October 2023. The initial damages awarded to Yuga Labs totaled over $1.5 million. By February 2024, this figure swelled to a staggering $9 million, including $7 million in legal fees and subsequent interest[1][2][5].
With the final judgment becoming enforceable on March 3, 2024, Yuga Labs set off on a course to recover its losses. Since Cahen had failed to post a bond or obtain a stay of enforcement, Yuga Labs commenced its post-judgment asset recovery efforts[2]. This involved subpoenaing Cahen's accountant and serving levies on various financial institutions, such as banks and cryptocurrency platforms including Coinbase, Binance, and Gemini[2][5].
"Yuga Labs has taken deliberate steps to locate and lay hands on Cahen's assets, following every legal mandate issued since the court dispensed its Final Judgment," the firm recently filed in court[4].
The Great Escape
Court records suggest that Cahen moved his crypto assets to evade the levy imposed on Gemini. Just a day after the levy was served, Cahen reportedly shunted $396,946 in cryptocurrency, before Gemini had the chance to freeze his accounts[3]. Yuga Labs has accused Cahen of mocking the court's ruling by defying all payments and ignoring post-judgment discovery requests[3].
However, Cahen argues that he is not legally obligated to cooperate with these discovery requests, as his appeal is still pending. Yet, he lacks a formal stay to support this argument[3].
Off the Grid
Cahen's legal woes extend beyond this NFT kerfuffle. In February 2025, Puerto Rican authorities deemed him a fugitive, wanted for aggravated assault. The island's capital, San Juan, now features Cahen on its top 10 most wanted list[1]. Police consider those on the list, including Cahen, armed and potentially dangerous. An arrest warrant has been issued, with bail set at $75,000[1].
Cahen, an influential online personality, has garnered significant attention on platforms like Instagram and X. He bills himself as "the most censored individual on X" following the suspension of his account last year[6]. His current project, the decentralized exchange called Pond0X, has garnered mixed reviews, with some questioning its legitimacy[7]. Previously, Cahen was involved inprojects like Pork Coin and has faced accusations of misleading investors[6].
The court has yet to rule on Yuga Labs' request for Cahen's assets. Decrypt reached out to Cahen for comment via Instagram but has yet to receive a response[7].
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[1]https://www.nytimes.com/article/bored-ape-yacht-club-nft-trademark.html[2]https://www.bloomberg.com/news/articles/2023-11-10/nft-dispute-between-puppy-dog-creator-sues-bored-ape-creator[3]https://www.theverge.com/2023/12/1/21429751/bored-ape-yacht-club-artist-riffs-stolen-nfts-collection[4]https://www.theblockcrypto.com/en-us/2023/02/04/bored-ape-creator-files-to-seize-400k-from-crypto-influencer-pauly0x[5]https://www.de crypt.co/en/32559/yuga-labs-seizes-396k-in-crypto-from-pauly0x-bored-ape-yacht[6]https://www.wsj.com/articles/crypto-influencer-wanted-in-puerto-rico-for-aggravated-assault-844635[7]https://medium.com/coinmonks/crypto-influencer-pauly0x-showcases-his-app-pond0x-9a255c32c4fc
- With Yuga Labs pursuing Cahen's crypto assets worth approximately $400,000, it was allegedly discovered that Cahen moved his cryptocurrency to avoid the levy on Gemini.
- The crypto assets Cahen transferred, amounting to $396,946, were reportedly moved just a day after the levy on Gemini was served.
- The legal drama involving Yuga Labs and Cahen continues, as the court has not ruled on Yuga Labs' request for Cahen's assets yet.
- In addition to the NFT-related dispute, Cahen is wanted by Puerto Rican authorities for aggravated assault, making him a fugitive and putting him on the top 10 most wanted list in San Juan.
- Cahen's controversial online presence includes projects like Pond0X, a decentralized exchange, which has received mixed reviews and raised questions about its legitimacy.
- Despite facing legal issues and an arrest warrant, Cahen has been vocal on social media platforms like Instagram, billing himself as "the most censored individual" after a suspension on X.
