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Ryder Ripps And Pauly Owe Yuga $1.57 Million

Bitcoin White Paper 15 Is Years Old Today

Author

Gannon Breslin
October 31, 2023

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We hope everyone is having a good start to their week so far. Feels like things are definitely starting to heat up in the NFT and crypto markets 👀. Also how does everyone feel about our new newsletter outline? Please shoot us an email back if you like or dislike it! Anyways let’s get to today’s Drop!

Here is the breakdown of today's newsletter:

😵 Rider Ripps and Pauly Have To Pay How Much!?

Yuga Labs Wins $1.57M In Landmark Web3 Case 😵

Justice prevails in landmark web3 Ripps/Cahen vs. Yuga Labs case. To no one’s surprise, Yuga Labs won in striking fashion.

The result? Ryder Ripps and Pauly (Jeremy Cahen) were ordered to pay Yuga Labs $1.57 Million for damages … and that’s not all [yikes]

Steve Harvey Cringe GIF by ABC Network

💡 Here’s what happened:

  • Ryder Ripps and Jeremy Cahen (“Pauly” on Twitter) over a year ago made a copycat BAYC NFT project that were exactly replicas of Bored Ape Yacht Club … and we mean exact.

  • The project sold out and made millions for the founders - or so they thought

  • Yuga Labs was not happy about the blatant IP and copyright infringement and took the two parties went to court

  • Just a couple days ago Ryder Ripps and Jeremy Cahen were ordered to stop selling and marketing counterfeit NFTs by Yuga Labs. On top of this, they are required to pay a total of $1.575 million in damages

  • Included in the result: payment of Yuga's attorneys' fees, transfer their fake apes' smart contract, and give up ALL related online assets to Yuga Labs

  • Ripps and Cahen were also charged for “cybersquatting violations” which is a term for buying internet domains with “bad faith intent to profit” without any evidence of IP and were charged $100,000 USD per domain

Needless to say people in this space are going to think twice about making a copycat project in the hopes of gaining a quick buck.

  • ApeFest Hong Kong is just around the corner! From Nov 3-5th official and side events will be taken place all around the city. Live shows, scavenger hunts, happy hours, pop up events, and more will be in store for Ape holders. Find out all the detials here.

  • $103M in funding was raised this week in web3, including a $20 million for a Call of Duty style shooter game (BW)

  • The #1 ranked DeGods was sold the other day for a whopping 110.00 ETH ($196,534.80 USD). Check it out here.

  • Animoca Brands has acquired Azarus, a Web3 streaming platform that pioneers blockchain-based game streaming. (VB)

  • Claynosaurs are coming out with their own toy plushies. Check them out here. 

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Bitcoin 15 Year White Paper Annversery 🍾

Today, in 2008, is the day when the Bitcoin white paper was released by an anonymous group/person known as “Satoshi Nakamoto”. Little did anyone know this paper would change the world of finance and money forever.

💡 Here are 15 facts about the paper:

  1. The white paper is only nine pages

  2. No one knows who wrote the white paper

  3. The white paper was widely critiqued when it was released

  4. Bitcoin only appears twice in the white paper

  5. Satoshi wrote code before he wrote the white paper

  6. The white paper doesn’t include the worlds Blockchain or Cryptocurrency

  7. The most common word in the paper is Block

  8. 10 people are citied in the Bitcoin white paper

  9. Parts of the white paper are no longer being worked on by developers

  10. The white paper is hosted on many websites (and things) around the world

  11. The white paper is no longer available in the UK thanks to a lawsuit

  12. The white paper was embedded onto every Mac computer but was later removed

  13. Former Twitter founder Jack Dorsey famously stated that the Bitcoin white paper was “Poetry”

  14. Kraken put the white paper on an F1 racer

  15. The white paper has been citied over 4,000 times

    -list created by Pete Rizzo

If you want to see the entire white paper check it out here.

  • Tether and Binance are being investigated for criminal charges by the DOJ (WGURU)

  • Email phishing campaign targeting Trezor users (MR)

  • Solana Labs is launching a startup incubator to attract more developers to its blockchain (TB)

  • Craig Wright wins US appeal in $1B BTC disupte (M)

  • Crypto hacker hit with 30-month sentence for SIM Swap fraud (CN)

  • Circle launches USDC transfers to Base (X)

  • JPM Coin payment system handles $1B in daily transactions (TB)

We weren’t kidding when we said deals are starting to flow back into web3!

Image provided by PitchBook

Sponsored Content: The sponsor today was MINTangible. 

That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.