Kanye West says ‘nay’ to ‘Coinye’

Move over Bitcoin because the cryptocurrency industry has a competitor: CoinyeCoin. The logo for the company features an animated Kanye West with his signature sunglasses and a gold necklace in the shape of a fish, paying homage to an episode of "South Park." 

The problem is the rapper is not involved with the project at all.

Earlier this week, West filed a trademark infringement lawsuit against defendants like Amazon.com, Coinye-Exchange.com and other websites that will accept "Coinye" coins, the New York Daily News reported.

West's complaint with Coinye stated that at the forefront, Coinye customers are mistaking the online payment system to be one of many West's ongoing projects. To support this claim, the complaint quotes Twitter users like Chris Graves, "Move over bitcoin, @kanyewest is about to create the greatest digital currency of all time."

"With each day that passes, Mr. West's reputation is irreparably harmed. Consumers are likely to mistakenly believe that Mr. West is the source of these digital coins," the suit explained.

The website was live for about a week, but briefly shut down on Tuesday when Coinye developers received a cease and desist letter, according to the Verge. Prior to West's escalation, it was unclear if Coinye was a real service or an elaborate joke focused on the rapper. Cooperation to close CoinyeCoin was short-lived because by Wednesday, Coinye was back up and running.

"Contrary to popular media opinion, we are not dead," the website stated. "We are working hard to bring you some exciting new additions!"

Based on the recent turn of events, it is likely that Kanye West will go forth with the lawsuit, even though Coinye's founders expressed that the payment platform is intended to be a parody of the "Yeezus" artist.

This would be the second time West would find himself in the midst of a court case. Last month, Rick Spicer issued a lawsuit against West for allegedly using his vocals in "Bound 2."

Similarly in the world of business, there are many other companies that will challenge another's patented idea or product, potentially damaging their brand and reputation. Small business lawyers can help guide entities or parties who feel that they have been infringed upon. 

Categorised in: Entertainment Law

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