News: Coinye Creators Better Hide, Kanye West Receives Big Green Light From NY Judge

Friday, Jan 17, 2014 11:55AM

Written by Biz Jones

Grammy-winning rapper Kanye West can officially unleash his legal team onto the creators behind the virtual currency site Coinye days after its launch and Ye's lawsuit against it.

According to reports, a New York judge has green lighted Ye to allow his attorneys to hunt down the people behind Coinye.

A judge in New York City has given Kanye West's lawyers permission to track the anonymous creators of an online currency which the rapper claims is trading off his name. The team behind the currency has so far remained anonymous, but during a court hearing on Thursday (16Jan14), U.S. District Judge Analisa Torres granted West's attorneys legal authority to track down the identities of those behind the scheme. The lawsuit is seeking unspecified damages, and seeks to block the exchange of the Coinye currency. (Hollywood)

Despite appearing to shut down a few days ago, Coinye has made a few minor changes and informed online users it did not fall victim to Ye's wrath.

The website is currently live, allowing users to start using the currency -- dubbed CoinyeCoin -- today. "Contrary to popular media opinion, we are not dead," the coders write on the site. "We are working hard to bring you some exciting new additions!" "Is Kanye involved?" they continue. "Absolutely not! We would like to make it clear that we are entirely independent of the man, and there should be no confusion as to the intent or origin of this project. The name 'Coinye' is intended solely as parody, not an indication or implication of endorsement or involvement." (MTV)

Following a cease-and-desist letter, Yeezy took severe legal action against Coinye this week.

The rapper's lawsuit was filed Tuesday in Manhattan federal court. It seeks to stop companies and individuals that have not yet been identified from exchanging the digital currency. It also seeks unspecified damages for hurting West's reputation. The lawsuit says the creators of the digital coins "brazenly admit" they used West's name and likeness to associate their new currency with West. The lawsuit says entrepreneurs boasted that the currency can't be stopped whether it "looks like a dollar, a dog or a cartoon picture of a rapper." (USA Today)

Last week, Mr. West's legal team issued the cease-and-desist letter to put an immediate end to the Coinye hype.

Lawyers for Kanye West filed cease-and-desist papers against the seven anonymous coders behind Coinye West, a virtual currency that went from chatroom joke to Internet sensation last week. The legal document, dated Jan. 6, includes an image of Coinye - a cartoon representation of West on a gold medallion. West's lawyer argues trademark infringement. "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. (Wall Street Journal)

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