January 15, 2014 14:53

Kanye West-inspired currency Coinye closed down

Cryptocurrency creators ordered to halt plans by rapper's lawyers

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The anonymous group behind 'Coinye', a cryptocurrency inspired by Kanye West, have been ordered to close down plans by Kanye West's lawyers.

The closure comes after an original legal notice, citing gimmick infringement, which demanded the coding service hand over their website and deactivate any social media accounts associated with it.

In response, the group brought forward the launch date of the currency and moved their site to a domain based in India, also posting several message on Twitter about how they were going to have to move quickly before they were shut down.

Bilboard reports West's lawyers have now filed an injunction to shut down the site entirely, in addition to obtaining an undisclosed percentage of profits. West's lawyers wrote: "With each day that passes, Mr West's reputation is irreparably harmed by the continued use of the Coinye West marks."

As injunctions against anonymous groups of computer coders are difficult to administer, on top of the email address coinyewest@gmail.com, West's lawyers also added Amazon.com as a co-defendant as the online retailer had provided hosting services to the websites behind Coinye.

Coinye was set to work in a similar fashion to other cryptocurrencies such as Bitcoin. Effectively an online form of money, cryptocurrency crossed over into the mainstream in 2013 when Bitcoins were valued as highly as £600 each.

Speaking to Noisey when they announced the currency, the creators said: "We chose to represent Kanye because he is and always has been a trendsetter, and he's always keeping things unique. I can picture a future where Coinye is used to buy concert tickets, with cryptographically verified virtual tickets, and other ideas I can’t give away just yet."







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