Crypto News

What Happened in Crypto Today: Yuga Labs Wins Lawsuit

Crypto Coin Reading News

In today’s crypto highlights: Yuga Labs triumphed in a $1.6 million copyright lawsuit against NFT artists Ryder Ripps and Jeremy Cahen, while ex-FTX CEO Sam Bankman-Fried testified in a New York court, and SEC Chairman Gary Gensler hinted at tough enforcement actions against the unregulated crypto sector.

Nonfungible token (NFT) firm Yuga Labs emerged victorious in a copyright infringement lawsuit, with U.S. district court Judge John Walter ordering NFT artists Ryder Ripps and Jeremy Cahen to pay damages and legal fees amounting to $1.57 million. The judgment closes the case which argued that Ripps and Cahen violated copyright laws by creating imitation versions of Yuga Labs’ popular Bored Ape Yacht Club collectibles.

In other news, Sam Bankman-Fried, the former CEO of the crypto exchange FTX, is currently standing trial in New York. He was called to testify about his alleged illegal activities involving FTX and Alameda Research. Despite facing seven charges, Bankman-Fried insisted he believed his actions were lawful at the time. His case is set to conclude early next week, with a second trial scheduled for March 2024.

Lastly, SEC Chair Gary Gensler delivered a speech at the 2023 Securities Enforcement Forum, offering insight into the SEC’s enforcement actions that collected $5 billion in judgments and orders. He did not restrain his skepticism about the cryptocurrency industry, refraining from naming those liable in what he described as a “highly noncompliant field.” Gensler also reiterated his belief that much of the crypto market needs to be regulated as securities.

Readers are always advised to perform their own due diligence before making any investment or trading decisions, as these carry inherent risks.

Leave a Comment

Your email address will not be published. Required fields are marked *