- Ripps, Cahen ordered to pay $9 million to Yuga Labs.
- Bankrupt Genesis wants to liquidate trust assets to pay creditors.
- India's Modi calls for international effort on crypto, global cyber crime.
Ripps, Cahen ordered to pay Yuga $9 million
A final judgement from a US district court ordered artist Ryder Ripps and Jeremy Cahen to pay Yuga Labs almost $9 million in disgorgement of profits, penalties, attorneys’ fees, and other costs.
In the prolonged case featuring claims and counter-claims concerning copycat versions of Yuga’s Bored Ape Yacht Club NFTs, Ripps and Cahen must give up the NFTs and transfer any infringing intellectual property to Yuga Labs within two weeks, District Judge John F. Walter ruled.
Attorneys’ fees accounted for about $7 million of Walter’s precedent-setting decision on trademark infringement of NFTs.
Still, Cahen, known as Pauly0x on the X social media platform, said in a post that the two intend to appeal.
Genesis asks court to approve sale of trust assets
Collapsed crypto lender Genesis asked a US bankruptcy court for permission to liquidate assets held in its Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust, which have a total value of about $1.6 billion, Cointelegraph reported.
Genesis said it was urgent that it be allowed to sell the assets in light of potential price fluctuations and because it wants to maximise distributions to creditors.
India’s Modi urges international crypto collaboration
India’s Prime Minister Narendra Modi appealed for more international cooperation regarding the growth of cryptocurrency and cyber threats, CoinGape reported.
Speaking at a lawyers’ conference in New Delhi, Modi sounded an alarm over the global networks of criminal syndicates and called for an international reformation of legal frameworks to make them flexible enough to deal with current realities and enhance cooperation.
India currently levies stiff taxes on crypto, including 30% on profits and a 1% TDS on all transactions, though some experts are predicting a reduction after elections later this year.
Crypto market movers
- Bitcoin is down 0.52% today at $42,787.70.
- Ethereum is down 0.27% today at $2,289.67.