Aave argued that a thief doesn’t gain lawful ownership of property by stealing it and that Gerstein Harrow’s legal argument “defies logic, common sense and the law.”

Gerstein Harrow has filed similar cases in the past, arguing its clients have a claim to funds stolen by the DPRK and frozen by crypto firms.

John Palmer, a developer and brand adviser, agreed, said it "feels like a bug" to call them stablecoins and that they should have a self-defined and non-reactionary name.

Bakkt announced the deal in January, which was originally for 9.3 million shares, along with a corporate name change to Bakkt Inc.