Kanye West’s legal team has filed cease-and-desist papers against the makers of Coinye West on grounds of trademark infringement, wsj.com reports.
Last week it was announced that Coinye West, a virtual currency, was scheduled to launch later this month. The currency was developed by an anonymous group of coders.
West’s legal team has taken issue with the proposed currency and has filed a lawsuit, the wsj.com story says.
“Given Mr. West’s wide-ranging entrepreneurial accomplishments, consumers are likely to mistakenly believe that Mr. West is the source of your services,” wrote Brad Rose, a partner at Pryor Cashman LLP, which has previously worked for West, the wsj.com says.
In an attempt to get around West’s legal maneuverings, the Coinye West coders are moving the release of the currency up, have changed the name of the currency to “Coinye” and now operate through a site registered in India.
“We want to release this to the public before the man can try to crush it,” one of the coders said in a Skype text interview with wsj.com Monday night. “They’ll still come after us, but that’s OK.”