Athene, a US-based financial services company established in 1896, filed a lawsuit on May 14th in Arizona against the Athene Network cryptocurrency scheme. The complaint alleges trademark infringement, unfair competition, and cybersquatting against the operation, which federal regulators have identified as a Ponzi scheme.
The plaintiff, an Iowa corporation, manages billions of dollars in invested assets. Athene maintains a portfolio of trademark registrations, domain names, and social media usernames for the ATHENE brand across the U.S. and several foreign jurisdictions. This investment aims to protect the brand's integrity and distinguish it in the financial services market.
Athene first became aware of Athene Network in late January 2024. This occurred primarily through social media "mentions." The company's customer service team also received numerous emails from individuals locked out of their "Athene accounts." These users mistakenly believed the cryptocurrency application originated from the legitimate financial firm.
Upon investigation, Athene discovered the defendant offered a mobile application and service for mining, exchanging, and transmitting cryptocurrency. This service included a related ATH-branded coin. Athene's complaint states these activities show a concerted effort to use its trademarks. The scheme aimed to confuse consumers, making them believe its website, social media, and mobile apps were controlled by, associated with, or authorized by the established Athene corporation.
The defendant's use of the ATHENE trademark in its Athene.Network domain name and various social media usernames sought to profit from the goodwill associated with the legitimate Athene. This allowed the scheme to give consumers the impression it had backing from a multi-billion dollar, publicly held U.S. corporation. Such tactics directly undermined the trust Athene built over decades.
Athene sent a cease and desist letter to Athene Network in February 2024. When no response came, Athene initiated takedown requests with the Apple App Store, Google Play Store, and several social networks. These requests sought the removal of accounts featuring the registered ATHENE trademark. Many of these accounts were subsequently removed. The platforms evaluated Athene's claims and agreed that consumers were likely to be confused by the unauthorized use.
However, Athene Network remained available on both the Google Play Store and Apple App Store at the time of publication of this report. The scheme did respond to Athene's Apple App Store takedown request on February 21st, with the reply signed by "Team Dev." In the following weeks, Athene exchanged emails with Team Dev. Athene repeatedly requested basic company information for a resolution, including the defendant's company name, address, country of incorporation, and the name of an officer to sign an agreement.
Team Dev actively concealed its true identity and the identities of its agents. In email correspondence, it indicated an intent to continue willfully infringing the ATHENE Marks. Even after receiving the cease-and-desist and exchanging messages with Athene's counsel, the defendant continued using the Athene trademark. It took no steps to prevent consumer confusion, despite having actual knowledge of Athene's rights and awareness that confusion had already occurred. This deliberate obfuscation is a common tactic in such schemes.
Athene seeks injunctive relief. The company argues that without it, consumers will continue to be misled, its reputation will suffer damage, and it will lose the ability to control its trademarks. The requested relief includes damages equal to three times Athene Network's profits and disgorgement of all profits obtained through trademark use. An injunction would prohibit Athene Network from any further use of the "Athene" trademark.
The lawsuit also demands $2.5 million in compensatory damages for trademark infringement and unfair competition. Another $2.5 million in compensatory damages targets cybersquatting related to Athene Network's website domains. Athene also seeks prejudgment and postjudgment interest, along with legal costs. As of the initial filing, Athene Network had not responded to the lawsuit.
In April 2024, SimilarWeb tracked 11.3 million monthly visits to Athene Network's website. The primary sources of this traffic were Vietnam (38%), Pakistan (11%), Russia (8%), Bangladesh (5%), and Nigeria (5%). Whether this traffic was manipulated or legitimately generated remains unclear. The high volume suggests a broad reach for the infringing operation.
On October 23rd, Athene filed for an entry of default against "Defendants John Doe 1-160." The court clerk recorded this entry the following day, October 24th. This action set the stage for Athene to pursue a default judgment against the unnamed defendants.
Athene Annuity was later awarded $100,000 in damages through a default judgment on August 27th, 2025. This judgment provided some financial recourse for the legitimate company.
By October 17th, 2025, Athene Network had collapsed, and its website was no longer accessible. The Ponzi scheme subsequently rebooted under the name Atheus Network, attempting to continue its operations under a new brand.