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Coinye is being sued by Kanye West, and Coinye has decided to fold, according to The Wall Street Journal.
The lawsuit was filed by West in Manhattan federal court. It asked that the currency not launch and also requested damages that were not specified.
The founders of Coinye are anonymous and they have given up their fight. The website has the following message:
“Coinye is dead. You win, Kanye.â€
Their Twitter account also confirmed their defeat: “#BLAMEKANYE Coinye devs have dispersed. New ownership, better things coming.”
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Coinye started to take form at the beginning of the year. On January 6, West filed a cease-and-desist order against the company. The creators of the currency were defiant at the start, altering the name a little bit in an effort to get around the cease-and-desist order from West.
The company also moved its servers to India while editing its logo. The original logo was a likeness of Kanye. The altered logo turned out to be Kanye looking like a fish, which is a popular culture reference to a “South Park” episode that poked fun at Kanye.
If you want a good laugh, watch the episode of “South Park” titled “Fishsticks.” It is from Season 13 and is Episode 5. You will definitely enjoy it.
