Chainalysis goes to court for $650 million defamation lawsuit, YieldNodes says it was wrongly labeled a “scam”

PANews reported on October 17 that according to Cointelegraph, the legal representative of blockchain analysis company Chainalysis has been scheduled to attend a hearing in the New York State Supreme Court on October 16, involving a defamation lawsuit filed by Exceptional Media Ltd. (the company behind the YieldNodes blockchain investment project) in January 2024. According to documents published on the legal analysis website Trellis, the presiding judge in this case will weigh the dismissal motion recently filed by the Chainalysis legal team.

Chainalysis is being sued by Exceptional Media Ltd., which claims that Chainalysis falsely labeled its YieldNodes project as an "investment scam." Exceptional Media is seeking at least $650 million in damages, arguing that Chainalysis has damaged its reputation and customer base and alleging bad faith. Chainalysis' legal team has filed multiple motions to dismiss since the initial lawsuit was filed. Chainalysis claims that Exceptional Media and YieldNodes have failed to prove that the YieldNodes project is not a scam and have failed to offer any rebuttal to Chainalysis' allegations.