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The NFT artists were also ordered to cover Yuga Labs’ legal fees after determining the trademark infringement constituted an “exceptional case.” A United States district court judge has ordered nonfungible token (NFT) artists Ryder Ripps and Jeremy Cahen to pay Bored Ape Yacht Club creator Yuga Labs a total of $1.57 million in disgorgement and damages, along with legal fees, bringing an end to the long-running “copycat” NFT lawsuit . The Oct. 25 order follows an April 21 partial summary judgement granted in favor of Yuga Labs after the firm claimed that Ripps and Cahen, the defendants, violated copyright laws by making copycat versions of its Bored Ape Yacht Club (BAYC) collectibles. District court Judge John Walter awarded Yuga Labs $1.37 million after concluding the NFT firm was entitled to a disgorgement of the defendants’ profits. An additional $200,000 was awarded in statutory damages relating to cybersquatting violations. Yuga Labs v. Ryder Ripps et al - Notes from the Court...

FTX strongly criticized the UCC's pursuit of asset control, as it recommended that debtors allocate nearly $2.6 billion from cash reserves into short-term Treasuries. FTX debtors led by chief restructuring officer John J. Ray III have expressed disapproval of traders and market makers within the Official Committee of Unsecured Creditors (UCC) who are aiming to gain authority over assets. They believe the UCC’s plan to invest nearly $2.6 billion in cash reserves in short-term Treasuries is a bad idea amid FTX 2.0 draft restructuring plan. In a court filing dated August 9, FTX issued a response to the UCC's commentary regarding the reorganization and term sheet proposal. FTX strongly criticized the UCC's pursuit of asset control , particularly as it recommended that debtors allocate nearly $2.6 billion from cash reserves into short-term Treasuries, aiming to cover professional fees amounting to as much as $330 million. Screenshot of the debtors' response to the UCC.  S...

Ajay Prashanth, an executive at NFT insights platform Bitscrunch, said that setting up smart contracts to automate the NFT transfer after death is "technically feasible." Once a nonfungible token (NFT) trader dies, their digital collectibles may be forever lost in the blockchain if they do not have a handover plan set up. Because of this, lawyers believe that it’s best to craft a way to pass on their assets in case of death.  From a legal standpoint, creating an estate plan, which is simply arranging the management and disposal of properties in preparation for future incapacity or death, seems like a great choice. Jaime Herren, a wealth services lawyer, told Cointelegraph that this may be the best step that NFT owners can take to make sure their NFTs are passed on to their loved ones after death. Herren explained that: “If you have a valuable asset, it is always worth taking steps to ensure it ends up where you want after your death, whether that is to your heirs or to a c...