According to PANews on April 23, Yuga Labs has filed a turnover order with the U.S. District Court for the Central District of California, aiming to seize the crypto assets held by internet celebrity Jeremy Cahen (online alias Pauly0x). These assets are distributed across four wallets, including Bitcoin, Ethereum, and PEPE, totaling nearly $400,000 as of last October.
In July 2022, Yuga Labs sued Cahen and artist Ryder Ripps, alleging trademark infringement through the sale of the Ryder Ripps Bored Ape Yacht Club Non-Fungible Token series. The court supported Yuga's claim, awarding over $1.5 million in damages in October 2023. In February of the following year, the total compensation increased to nearly $9 million, including $7 million in legal fees and post-judgment interest. The final judgment was made on February 2, 2024, and took effect on March 3. Cahen did not pay a bond or obtain a stay of execution, allowing Yuga Labs to begin post-judgment asset recovery.
Subsequently, the company has issued a subpoena to Cahen's accountant and collected taxes from banks and crypto platforms including U.S. Bank, Chase Bank, Wells Fargo, Robinhood, Coinbase, Binance, and Gemini (executed by U.S. Marshals). Court records show that Cahen transferred crypto assets worth $396,946 to evade Gemini's tax collection. According to Yuga, this transfer occurred the day after tax collection went into effect, before Gemini could freeze his account, indicating an intentional attempt to avoid asset seizure.
