Kanye West Threatens Legal Action over Coinye Digital Currency
Published Jan 07, 2014Coinye West, the digital currency named after Kanye West, hasn't even hit our virtual wallets yet, but the rapper is apparently unhappy about the product, as his legal team has filed a cease-and-desist order against the creators of the coin. The move has now prompted the makers to launch the product early.
The Wall Street Journal reports that West's lawyer sent the papers to the seven anonymous coders yesterday (January 6), arguing trademark infringement against the tributary cryptocurrency system.
"Given Mr. West's wide-ranging entrepreneurial accomplishments, consumers are likely to mistakenly believe that Mr. West is the source of your services," Brad Rose, a lawyer at Pryor Cashman LLP, wrote.
Rose added that if the makers of Coinye West do not comply, he will "notify the cryptocurrency community at large of your infringing actions and pursue all legal remedies against any business that accepts the purported COINYE WEST currency."
In response to the legal pressure, the cryptocurrency makers have opted not to stop the project, but rather push up the release date to 7 p.m. PST today (January 7). They had originally planned to unveil the coin on January 11.
Via Twitter, they wrote:
"WHO GON STOP ME HUH" ? Coinye feelin' the heat, gonna spread what we got so far before the bigwigs steal our work!! http://t.co/Aql5N1tNp5— Coinye (@CoinyeCoins) January 7, 2014
Last week, in an interview with Noisey, the team explained, "We're really not sure how Kanye is gonna react to this. We hope he loves it, but if he doesn't, he really isn't someone we want to piss off."
In other Kanye news, he expanded his Yeezus tour earlier today, adding a handful of new Canadian dates.