Coinye was originally slated for release on January 11, 2014, but legal pressure prompted David P. McEnery Jr. and his development team to release the source code and mining software on January 7, a few days ahead of schedule. Early press materials promised a proper and fair release, with no pre-allocation of coins. However, later statements from the developers confirmed that approximately 0.37% of the maximum money supply of Coinye had been reserved for the creators of the coin before launch. The developers claimed that this was to cover unexpected legal and development costs. On January 6, 2014, Kanye West’s lawyers sent the development team a cease and desist order on the basis that the then-unreleased currency constituted trademark infringement, unfair competition, cyberpiracy, and dilution. In response to the legal threats, the development team changed the name of the currency from “Coinye West” to “Coinye” and moved to a new domain name. By January 10, 2014, the development team stated that they had removed all references to West but instead “to a half-man-half-fish hybrid,” a nod to a South Park episode in which West fails to realize why people are jokingly calling him a “gay fish.” These actions were not sufficient to appease West’s legal team and a lawsuit was filed against the creators of the coin, prompting them to sell their Coinye holdings and leave the project.
Is CoinyeCoin a Scam?
Disclaimer: CoinyeCoin Cryptocurrency | CoinyeCoin ICO
CoinyeCoin is a cryptocurrency project that issued CoinyeCoin tokens to its community. Scams in the cryptocurrency space take form in many ways, including exit scams or undedicated project developments.
Is CoinyeCoin a Scam ICO?
Data on whether CoinyeCoin conducted a scam ICO, a scam mining operation, or a scam masternode project is cited above from external sources and CoinCurb does not take responsibility for claims against CoinyeCoin or in support of CoinyeCoin. The data is only an aggregation of claims cited against CoinyeCoin.
The above claims about CoinyeCoin (ICO), CoinyeCoin’s token, or CoinyeCoin’s team are externally sourced. They may claim that:
– CoinyeCoin did an ICO and then exit scammed
– CoinyeCoin has an undedicated project development after the CoinyeCoin ICO
– CoinyeCoin token got pumped and dumped by the CoinyeCoin team
– CoinyeCoin is a dead project with a worthless CoinyeCoin token
However, external claims about CoinyeCoin project, CoinyeCoin token, CoinyeCoin team, or even CoinyeCoin advisors may not be supported by accusers of CoinyeCoin ecosystem and thus individuals seeking to learn more CoinyeCoin team or about the CoinyeCoin cryptocurrency are recommended to directly contact CoinyeCoin team members or CoinyeCoin token investors.
CoinCurb does not itself decide if a project is a scam and thus does not claim CoinyeCoin is an exit scam or that CoinyeCoin is any other type of scam, nor does CoinCurb insinuate that CoinyeCoin (or CoinyeCoin token) team are scammers or that CoinyeCoin (or CoinyeCoin token) advisors are scammers. CoinCurb allows viewers to reference sources related to CoinyeCoin development, CoinyeCoin token trading, and/or CoinyeCoin team as an uncertain reference when deciding if CoinyeCoin is a scam or CoinyeCoin is not a scam.