Kanye West is suing the creators of the new digital currency 'Coinye', after using a cartoon face of the rapper as its symbol, and for committing trademark infringement.
Kanye West is the only person aloud to cash in on his name, nobody else!
On Tuesday (Jan 14th) the 36 year-old has filed a trademark infringement lawsuit against the creators of a new digital currency called 'Coinye West'.
The currency's logo features a cartoon version of West wearing his signature sunglasses, 'shutter shades'.
However, there is one major problem, the 'Black Skinhead' rapper does not know who is behind the digital currency which launched last week.
The suit, filed in a Manhattan federal court, claims, "defendants have willfully and admittedly traded upon the goodwill and notoriety of Kanye West, one of the most famous entertainers and brand names in the world," (read the full lawsuit here).
It refers to 'Coinye's' as crypto-currency because, like Britcoin, it can only be distributed online.
"In interviews with the press, defendants brazenly admit that they adopted the marks COINYE WEST, COINYE and COYE to directly associate their newly minted crypto-currency with Mr. West," the suit reads.
Kanye, who is engaged to reality TV star Kim Kardashian, feels that the digital currency is hurting his image and brand.
It continues, "With each day that passes, Mr. West's reputation is irreparably harmed . Consumers are likely to mistakenly believe that Mr. West is the source of these digital coins."
According to The New York Daily News, digital coin exchange sites 0DayCoins.com, Coinye-Exchange.com and Newchg.com are the accused sites in the suit, and Amazon.com is also been targeted for providing web hosting services.
Previously to filing the suit, the 'Yeezus' hit maker wrote a cease-and-desist letter (Jan 6th) to the accused but this came to no avail, following the letter the creators launched the digital currency earlier.
However it seems the lawsuit has done its job, when loading the currency's website, www.coinyeco.in, a message appears that reads, "Coinye is dead. You win, Kanye."
The website posted the message shortly after the lawsuit was filed.
Only Kanye West can use his name for profit!