- Yuga Labs has filed a motion to seize nearly $400,000 in crypto from Jeremy Cahen
- The assets are linked to a $9 million judgment in the high-profile Ryder Ripps trademark case
- Cahen is accused of moving bitcoins and ETH post-judgment to avoid payment
Yuga Labs has asked a federal judge to compel Jeremy Cahen, co-defendant in its landmark lawsuit against Ryder Ripps, to hand over access to four crypto wallets. This follows a February 2024 judgment of nearly $9 million against Cahen and Ripps for trademark infringement involving the Bored Ape Yacht Club. The latest filing alleges Cahen transferred assets shortly after enforcement began, raising accusations of bad faith obstruction.
Ripps and Cahen vs. Yuga Labs
The dispute stems from the creation and promotion of “RR/BAYC,” a collection that parodied Yuga Labs’ famed Bored Ape NFTs. In June 2023, the court found Ripps and Cahen had intentionally misled consumers and violated trademark law. A judgment was issued on February 2, 2024, totaling $8,895,346.50. Enforcement began in March 2024, but Yuga says Cahen has dodged efforts to collect.
According to Yuga Labs, Cahen transferred large sums of crypto—2 bitcoins and over 107 ETH—within days of a levy being served on his Gemini account. “Cahen’s actions here are not those of an individual passively awaiting the collection process but rather an intentional effort to evade payment at all costs,” Yuga’s attorneys wrote in its complaint.
The motion states that these transfers occurred “before Gemini froze his accounts,” and argues that the assets, still sitting in identifiable wallets, remain subject to seizure. Yuga asks the court to compel Cahen to turn over the private keys to the U.S. Marshals.
Digital Assets “Appropriately Subject to Levy”
Yuga’s filing cites California Code of Civil Procedure § 699.040, which permits seizure of personal property post-judgment. “Digital assets, such as cryptoassets located within cryptowallets, are property,” the filing asserts. The company emphasizes that “without such relief, the assets may be irretrievably lost through obfuscation techniques.”
The motion also includes screenshots of Cahen at Clippers games and social media activity, painting him as flaunting wealth while claiming inability to pay. “Cahen has made a mockery of this Court’s Final Judgment,” Yuga wrote, calling his conduct a “transparent attempt to frustrate the enforcement.”
The court has not yet set a hearing date on the motion.
