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Chainalysis, a blockchain analytics firm, is facing a defamation lawsuit brought by Exceptional Media Ltd., the company behind the YieldNodes investment project, which claims that Chainalysis falsely labeled YieldNodes as a scam. The suit, filed in January 2024, seeks at least $650 million in damages, citing reputational harm and alleged malicious intent.
The case stems from a January 2023 phone call in which a Chainalysis representative reportedly informed Exceptional Media that YieldNodes had been categorized as a scam. Chainalysis allegedly offered the possibility of reclassifying the project as “high-risk” but stated that the process could take several months. Exceptional Media contends that this categorization damaged its reputation and client base.
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Chainalysis has responded by filing several motions to dismiss the case, arguing that Exceptional Media has not provided sufficient evidence to prove that YieldNodes is not a scam or to refute Chainalysis’ allegations. Chainalysis further claims that its analysis identified YieldNodes as an investment scam, describing it as a project promising unrealistic returns based on a supposedly fail-proof trading strategy. The firm has also challenged the jurisdiction of the New York Supreme Court in this case, seeking dismissal on both substantive and procedural grounds.
A court hearing is scheduled for October 16, 2024, where the judge will consider Chainalysis’ latest motion to dismiss.