Michaela
Crypto entrepreneur Jeremy Cahen, known online as “Pauly0x,” has been added to San Juan, Puerto Rico’s updated “Most Wanted” list for aggravated assault, authorities confirm.
Local news outlet Metro Puerto Rico reports that, according to police, fugitives on the list, including Cahen, are considered armed and highly dangerous, with active arrest warrants issued for them. Cahen’s bail is set at $75,000.
Jeremy Cahen has built a significant online presence, especially on social media platforms like Instagram and X. He also founded the controversial decentralized crypto project Pond0x, which was initially promoted as an “unstoppable” and permissionless protocol but quickly faced scrutiny.
The project launched the POND token, which users could mint by connecting their wallets. However, a major flaw in the smart contract allowed anyone to transfer other users’ POND tokens, sparking accusations that the project was either poorly designed or a scam. As security concerns grew, many traders lost money when the token’s value plummeted.
However, despite these issues, Cahen defended Pond0x as a social experiment rather than a typical investment.
Additionally, Cahen’s role in projects such as Pork Coin — which also faced severe backlash due to allegations of misleading investors — has drawn attention to his business practices. This led to accusations that Cahen was either reckless in his project designs or that his actions were part of a coordinated effort to profit at the expense of retail investors.
Cahen and Yuga Labs
Yuga Labs, the creators of the highly popular Bored Ape Yacht Club (BAYC) NFT collection, filed a lawsuit in June 2022 against Cahen, Ryder Ripps, and others for allegedly infringing on their trademarks.
Yuga Labs accused Cahen and Ripps of creating and selling NFTs that copied the Bored Ape Yacht Club images, which were protected under Yuga Labs’ intellectual property. These NFTs, which were sold through a project known as “RR/BAYC,” were marketed as a parody of the original collection.
Yuga Labs argued that the defendants had conducted a “pump-and-dump” scheme, using the infringement to manipulate the market, artificially inflating the value of the “RR/BAYC” NFTs before selling them at a profit.
In a February 2024 ruling, the court sided with Yuga Labs, ordering Cahen and Ripps to pay nearly $9 million in damages.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
