The bankruptcy proceedings of Bittrex Inc. involved a legal dispute over claims filed by Azim Ghader, who sought recovery for lost profits and damages after his cryptocurrency was frozen on the Bittrex exchange in 2017. The United States Bankruptcy Court for the District of Delaware found that Bittrex had complied with legal requirements and upheld […]
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Western Banks Face Major Asset Seizure in Russia Amid Gazprom Subsidiary Dispute
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UK Judge Freezes Craig Wright’s Assets Worth $7M Amid Satoshi Nakamoto Identity Dispute
After Judge James Mellor in the U.K. rendered his decision in the notable lawsuit initiated by the Crypto Open Patent Alliance (COPA) against Craig Wright, he concluded that Wright did not embody the persona of the pseudonymous Satoshi Nakamoto. Subsequently, Mellor enforced a worldwide injunction on Wright’s holdings, freezing assets valued at £6.7 million (approximately […]
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Court Filing Shows Genesis Settled With NYAG, Aims to End Crypto Lending Platform Dispute
After settling with the U.S. Securities and Exchange Commission (SEC), Genesis Global has reportedly reached an agreement to settle with the Office of the New York Attorney General. The official had accused the company, along with its parent company Digital Currency Group and Gemini, regarding “fraudulent schemes” associated with its lending platform. Genesis and NYAG […]
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Artists Ordered to Pay $9 Million in BAYC Copyright Dispute
Artists Ryder Ripps and Jeremy Cahen are mandated by a federal court to pay million in damages to Yuga Labs, following a high-profile legal dispute over unauthorized use of the Bored Ape Yacht Club’s copyrighted non-fungible tokens (NFTs).
Yuga Labs Wins Big as Artists Ordered to Pay up Million Over BAYC Dispute
Artists Ryder Ripps and Jeremy Cahen have been ordered by the court to pay nearly million in damages to Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), following the dismissal of their counterclaims in a high-profile copyright lawsuit.
Ripps and Cahen, known for launching the Ryder Ripps BAYC (RR/BAYC) collection, have been embroiled in legal battles since May 2022. Their project, which played on the BAYC brand, was found to have infringed upon Yuga Labs’ copyrights, leading to a lawsuit that concluded in April 2023 with a victory for Yuga Labs.
Initially, the court mandated Ripps and Cahen to compensate Yuga Labs with .57 million in damages and cover legal expenses. A recent court filing dated Feb. 2, however, revealed an escalated penalty totaling almost million. This sum includes disgorgement, legal fees, and expert witness fees, reflecting the severity of the copyright infringement.
Moreover, the artists are required to either destroy any RR/BAYC NFTs they own or hand them over to Yuga Labs for disposal. This directive extends to all related infringing materials, including promotional items and advertisements bearing the BAYC mark. They are also ordered to relinquish all social media accounts and the smart contract associated with the RR/BAYC collection.
The counterclaims filed by Ripps and Cahen, which included allegations of emotional distress and a plea for declaratory judgment of no defamation, were dismissed by the judge. The court’s decision emphasized Yuga Labs’ claims of false designation of origin and cybersquatting, setting a precedent for the protection of intellectual property rights in the rapidly evolving NFT space.
Cahen, who is popularly known as Pauly among his followers on X, has announced plans to appeal the decision in the Ninth Circuit Court of California, signaling a potential continuation of this legal saga.
BREAKING
On a Saturday, The Federal Court has entered its final judgement against me in my case vs. YugaLabs.
Judgement Total: ,112,496.50
(Note: My name is misspelled in the order)
We are appealing this outcome in the Ninth Circuit Court of California.
Case is ongoing.
pic.twitter.com/fHcEsbBL6a
— PAULY (@Pauly0x) February 3, 2024
Do you think Cahen’s appeal in the Ninth Circuit Court of California will be successful? Share your thoughts and opinions about this subject in the comments section below.
Coinbase Introduces 4% USDC Rewards Amidst SEC Dispute
On June 15, the San Francisco-based cryptocurrency exchange Coinbase announced that customers can now earn 4% rewards on the stablecoin USDC. The news follows Coinbase’s current dispute with the U.S. Securities and Exchange Commission (SEC) over the firm’s staking-as-a-service product.
Coinbase Rolls Out 4% Stablecoin Rewards for Global Customers, Except Hawaii Residents
Coinbase is now allowing users to earn 4% rewards by holding USDC on the centralized cryptocurrency trading platform, according to a Thursday announcement. “Grow your savings with a rewarding, secure digital dollar,” Coinbase announced. “Global Coinbase customers can now earn 4% rewards on USDC.” Coinbase explains that as little as in USDC can be held on the exchange to earn rewards.
Coinbase’s most recent USDC rewards service comes in the wake of the exchange being sued by the SEC. The complaint alleges that the firm “failed to register its staking-as-a-service program as required by securities laws.” Additionally, the Alabama securities regulator contends that Coinbase violated state securities regulations by “offering its staking rewards program accounts to Alabama residents without a registration to offer or sell these securities.”
Regarding the recent USDC rewards service, Coinbase specifies that the annual percentage rate (APR) of 4% is subject to change. “The rewards rate is subject to change and can vary,” the exchange explained on Thursday. “Customers will be able to see the latest applicable rates directly within their accounts.”
The Coinbase rewards program is accessible in 71 countries, including the United States, but excludes residents of Hawaii. To participate, Coinbase customers must be verified at tier two, the exchange’s latest announcement concludes.
What are your thoughts on Coinbase’s decision to offer 4% rewards on USDC amidst its ongoing dispute with the SEC? We’d love to hear your perspective in the comments section below.
Washington Federal Judge Rules in Favor of County in Electricity Rate Dispute with Cryptocurrency Miners
The post Washington Federal Judge Rules in Favor of County in Electricity Rate Dispute with Cryptocurrency Miners appeared first on DCEBrief.
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