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CoinDefi, a decentralized protocol, has become embroiled in a trademark battle over the $Coin ticker use. The DeFi protocol is accused of bullying those who use the $coin trademark with legal threats.
Controversy Regarding the Coin token Trademark
Marguerite deCourcelle, an artist with the nickname Coin_artist, revealed on Twitter yesterday that CoinDeFi was threatening to sue her. According to deCourcelle, the DeFi protocol wanted her to remove “coin” from her Twitter handle coin_artist.
This, according to deCourcelle, was ridiculous since the name coin is a generic name that she had been using since 2014. Besides, She stated that the Winklevoss actually had historical precedence over the $Coin ticker dating back to 2014.
deCourcelle posted an image of the letter from CoinDeFi and requested help from the crypto community. Her tweet quickly gained attention, with several crypto enthusiasts weighing in their opinions. Popular crypto investor Ari Paul noted that the threat was a predatory one and frivolous from CoinDeFi. At the same time, he urged deCourcelle to write a letter stating that she had started using the name Coin before it was trademarked.
Legal Notice and not a Lawsuit
CoinDeFi responded to the growing criticism by issuing a lengthy post on their website. According to the DeFi platform, it issued a legal notice, not a lawsuit, to deCourcelle regarding the use of the Coin trademark.
CoinDeFi further stated that the firm decided to protect its businesses and token holders due to a growing interest conflict. It alleged that there was a conflict in symbols and the $coin ticker, which caused problems for its business.
The company resolved to contact those who were using the Coin name to agree on using the trademark. CoinDeFi also stated that they were not interested in suing any party or seeking damages.
$6000 raised in 24 hours
Despite the response from CoinDeFi, support has been growing for “coin_artist” in the past 24 hours. The artist’s gofundme account to fund her lawsuit has already generated $6000 in 24 hours.
Also, prominent crypto influencers have supported her point of view. Popular Bitcoin advocate Andreas Antonopoulos opened a series of Twitter criticizing CoinDeFi. According to Antonopoulos, the company did not invent “Coin’s” term and was wrong to bully individuals on a name they can’t own.
Cardano chief Charles Hoskinson was also drawn into the controversy. When quizzed on whether he would follow a similar method used by CoinDeFi if another project made an $ada token, Hoskinson revealed that instead of a lawsuit, he would try and market his product better. Currently, the crypto community is overwhelmingly in support of coin_artist, and the coming days would be interesting.