According to TechFlow, on October 17, Cointelegraph reported that blockchain analysis company Chainalysis will appear in the New York Supreme Court to respond to a $650 million defamation lawsuit filed in January 2024 by Exceptional Media Ltd., the operating company of the YieldNodes blockchain investment project.
Exceptional Media accused Chainalysis of falsely labeling the YieldNodes project as an "investment scam" and demanded at least $650 million in damages, citing damage to the company's reputation and customer base. The lawsuit also accused Chainalysis of bad faith. According to the indictment, Chainalysis had said that it could upgrade or change the classification of YieldNodes to "high risk," but that it would take "several months."
Chainalysis has filed multiple motions to dismiss, claiming that Exceptional Media and YieldNodes have failed to prove that their projects are not scams and have failed to refute Chainalysis' allegations. Chainalysis' legal team said the indictment failed to prove the falsity of the allegations and emphasized that its report identified YieldNodes as a typical investment scam that promised high returns.
