‘Coinye’ Creators Sued by Kanye West as Bitcoin Frenzy Unravels

Most developments within the fast-moving ecosystem of bitcoin, litecoin and other cryptocurrencies are serious matters involving declarations by government regulators, costly computer mining rigs and the future of e-commerce.

But now we have comic relief in the form of Coinye, a tongue-in-cheek virtual currency that was to launch this week.

However, lawyers for Kanye West filed cease-and-desist papers Jan. 6 against the seven anonymous coders behind Coinye, which is based not-so-subtly on the rapper/entrepreneur.

“Given Mr. West’s wide-ranging entrepreneurial accomplishments, consumers are likely to mistakenly believe that Mr. West is the source of your services,” wrote Brad Rose, a partner at Pryor Cashman LLP, which has previously worked for West.

The coders who are targeted by the lawsuit have not backed down, quite the opposite. Their website now says that: “Due to legal pressure, we will be launching today (meaning Tuesday, Jan. 7).

Moreover, the Coinye creators redesigned the proposed currency’s image cited in the complaint. The new looks still features an unflattering cartoon version of Kanye West.

Kanye West’s lawyers want the Coinye coders to stop using the name of the celebrity or any variation. They also want the Coinye website and corresponding Facebook and Twitter accounts deactivated.

J. Lipsky

Hello, I am John, born in Cedar Rapids, but lived a lot of years in Latin America. I am an economist and have specialized in credit and debt. Originally sovereign debt, but later on, in credit score management and debt consolidation. I write for many publications. Here in eCreditDaily, I write about credit, second chance banking, and debt. I also write for other websites and bulletins about inflation and country risk.

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