Remember a couple of days ago when we learned that a new form of digital currency had been named in honor of Kanye West and was due to launch later this month? When I blogged about it, I guess that Kanye would either LOVE the idea and buy up as much of this cryptocurrency that bears his name or he’d HATE the idea of someone else cashing in on his name and likeness and launch a legal attack. It turns out that the latter of the two turned out to be the case as West’s attorneys have filed a cease and desist order against the folks responsible for Coinye West. It appears that the folks behind Coinye West had a contingency plan in place should Kanye file legal paper work because they changed the name of the digital currency, moved their internet servers to a different country and launched the currency last night to get ahead of the legalities of a lawsuit. Whether Kanye likes it or not, the cryptocurrency he inspired has now been released to the public.
Lawyers representing Kanye West have filed a cease and desist order against the creators of Coinye West, a new cryptocurrency inspired by the ‘Yeezus’ rapper. As reported last week, the new online crytocurrency named after West was set to launch later this month. The coins are now available to users around the world after lawyers working for the rapper contacted the seven coders behind the project, claiming copyright infringement. According to the Wall Street Journal, a lawyer working for West wrote in the court order: “Given Mr. West’s wide-ranging entrepreneurial accomplishments, consumers are likely to mistakenly believe that Mr. West is the source of your services.” In response to this, the coders have renamed their currency simply Coinye and relocated their web domain to India. “We want to release this to the public before the man can try to crush it,” a coder told the paper on January 6. “They’ll still come after us, but that’s OK.” The creators of Coinye West previously revealed hopes that they will get the official backing of West, offering him 100,000 coins if he name checks their currency. “We’d love if Kanye named dropped Coinye. I think he’s gonna love that there’s a currency named in his honor. We don’t want to pay him off to name check us, but it’d be sick if he does so,” they said anonymously in a recent interview.
I guess Kanye’s vanity for a currency named in his honor isn’t as strong as the Coinye West people hoped. While I thought it might be possible for Kanye to love this idea enough to let it fly, I had a feeling that his lawyers would win out and a cease and desist would be issued. Now that it’s just Coinye, I don’t think it’s enough to get the lawyers off their back but it sounds like the cryptocurrency dealers are ready to take on Kanye and his attorneys. Personally, I still have no idea how digital currency works so it’s very unlikely that I’ll be snapping up Coinye coin but if YOU are in the know and you are interested in getting some Coinye in your digital pocket, you are free to do so HERE while you still can.