This is not Chill at all! Illustrator takes legal action against the misuse controversy of meme coins!

Memes go viral, creator announces copyright protection.

Recently, artist Phillip Banks, widely known for the "Just a Chill Guy" meme, announced that he will take copyright protection measures against unauthorized use of his work. This meme, depicting a humanoid dog, symbolizes a calm and composed attitude towards life, and it first went viral on the internet in 2023. Last Thursday, Banks stated on the social platform X that he has applied for copyright for the work and will issue delisting notices for unauthorized content involving profits.

Image source: Phillip Banks Chill Guy Meme

The meme coin frenzy sparks copyright disputes

The "Chill Guy" meme has not only sparked discussions on social media, but has also been created as a meme coin $CHILLGUY in the encryption coin market. The meme coin made its debut last week and its price surged by 538% within just one week, with the Market Cap reaching hundreds of millions of dollars at one point. This explosive growth has attracted the follow of numerous investors, and even the President of El Salvador, Nayib Bukele, shared the image of "Chill Guy" on his official X account.

Image source: X Salvadoran President Nayib Bukele also shared the 'Chill Guy' picture on his official X account.

However, Banks is not satisfied with this. He emphasized that unauthorized meme coins and related products have infringed on his intellectual property. He stated on social media that he will take legal action against these for-profit unauthorized uses. Banks' actions have sparked different reactions online, with some supporting his right to protect his copyright and others questioning the feasibility of enforcing copyright in meme culture.

Exchange ignores warnings, meme coin price big dump

Despite clear warnings from Banks, Cryptocurrency trading platforms like Crypto.com and gate are still listing $CHILLGUY for trading. gate even claims that its price has skyrocketed by 1,065% within 24 hours of its meme coin being listed, showcasing the strong market potential of meme coins.

However, after Banks announced that they would take legal action, the price of $CHILLGUY experienced dramatic Fluctuation. It was reported that the meme coin's price dropped by about 54% in a short period of time, indicating market concerns about potential legal risks. As an extremely Fluctuation meme coin established in less than seven days, the future direction of $CHILLGUY has sparked widespread follow.

The conflict between copyright and meme culture sparks discussion.

Banks's actions have sparked a heated debate about the relationship between copyright protection and meme culture. As a phenomenon of internet culture, memes often spread widely inadvertently, and the rights of creators are often overlooked. Banks firmly states that they will protect their intellectual property rights and take legal action against unauthorized goods and meme coin.

This incident highlights how creators can protect their own rights while balancing the openness of internet culture in the digital age. It also reminds investors and market participants to be vigilant of potential legal risks when chasing meme coin crazes.

Overall, the 'Chill Guy' meme's journey from internet sensation to sparking the cryptocurrency market craze, and then to copyright disputes, fully reflects the complexity of contemporary digital culture. In the future, how to promote the healthy development of internet culture while protecting the rights of creators will become the focus of attention for all.

【Disclaimer】The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Invest at your own risk.

This is not Chill at all! The illustrator will take legal action against the abuse of meme coins! This article was first published in 'encryption city'