Kanye West seems to have prevented a fistfull of anonymous digital-currency operators trading on his name, by issuing cease and desist orders. He sought to halt their plans to issue a new digital currency that would rival Bitcoins — using Kayne's name and image, according to News Limited and Nine MSN.
The CoinyeCoin currency has been pulled following escalating legal threats from Kanye West. "Defendants hade wilfully and admittedly traded upon the goodwill and notoriety of Kanye West, one of the most famous entertainers and brand names in the world," says papers filed in Manhattan federal court by West and his company Mascotte Holdings. "Without hesitation, defendants have usurped Mr. West's name and likeness for the sole purpose of propping up the perceived 'value' of the defendants' 'digital coin mine' and its 'cryptocurrency.'"
'News' reports the new currency — also known as "Coinyes," Coinye West" and "Coye" — had hoped to bring their product to the internet last week. The currency includes a cartoon image of West wearing his signature shades.The suit was filed after the unnamed coders ignored the request and began bragging to the media about their coins. The currency's creators have remained anonymous, operating off websites like DayCoins.com, Coinye-Exchange.com, NewChg.com.
"We want to release this to the public before the man can try to crush it," one of the coders said in a recent Skype interview with the Wall Street Journal. "They'll still come after us, but that's OK." "Defendants also boldly asserted that 'Anarcho-capitalism is coming, it can't be stopped," says the suit, referring comments made by someone identifying themselves as "Coinyewest" in a January 7 article by the tech-blog Ars Technica. "Whether it has a symbol that looks like a dollar, a dog, or a cartoon picture of a rapper, it's all the same thing.'"
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