CHILLGUY Plummets 45% Amid Creator IP Dispute and Account Hack
NAIROBI (CoinChapter.com) — CHILLGUY, a Solana-based meme coin inspired by the TikTok character “Chill Guy,” has seen its value drop 45% in just 30 minutes. This sharp decline followed reports of unresolved intellectual property (IP) issues and a hack involving the X account of the character’s creator.
CHILLGUY's Fall: Is the Meme Over?
CHILLGUY gained significant attention in November, peaking with a market capitalization of over $700 million. However, Philip Banks, the creator of the Chill Guy character, voiced objections about the use of his work without permission. His public opposition cast uncertainty on the token's future.
In an Instagram post, Banks confirmed that the CHILLGUY team approached him to resolve the dispute, eventually reaching a licensing agreement. He decided to grant the team IP rights after extended talks. Despite this resolution, confusion arose when Banks’ X account was hacked. The compromised account posted a tweet claiming Banks had approved the token's use, but his official Instagram update told a different story.
Further complicating matters, Banks’ hacked account became linked to the promotion of another meme coin, "Philb," which gained traction but also quickly collapsed. These events raised doubts about Banks’ involvement and highlighted concerns over the security of high-profile accounts.
CHILLGUY's Sudden Crash Stuns Investors
Initially, the resolution of the IP issue sparked a 30% rally in CHILLGUY’s price, as investors saw it as a step toward legitimacy. However, optimism quickly faded when the news of Banks' hacked account and conflicting statements caused a massive sell-off, erasing the gains and causing the token's value to drop by 45% in just half an hour.
The official CHILLGUY X community account expressed surprise at the situation, urging the community to remain vigilant and avoid scams.
Meanwhile, the rise and fall of Philb further fueled skepticism among investors. The token briefly reached a market cap of $1 million before collapsing almost overnight, raising questions about its connection to Banks and the broader impact on CHILLGUY.
The sharp rise and fall of CHILLGUY highlight the risks inherent in meme coin investments. While the licensing agreement could bring stability, the controversy surrounding Banks' hacked account and inconsistent messaging has left investors cautious. Calls for greater transparency and accountability are now prominent in the CHILLGUY community.
