Chill Guy Meme Coin Faces Plagiarism Scandal

The once-dominant Chill Guy meme coin, which peaked with a $790 million market cap, is now mired in controversy following allegations of plagiarism. A Vietnamese children’s magazine cover, featuring a boy and a dog striking poses similar to Chill Guy’s viral meme, has sparked debate about the origin of the artwork.

The Allegations

Crypto Twitter erupted when the magazine cover surfaced, with users questioning whether Chill Guy creator Phillip Banks had appropriated the artwork. Banks responded on X, claiming, “Vietnamese children’s magazine repurposed CGWLKDGAF,” asserting that his art was the original source.

Coin68, a Vietnamese crypto publication, later confirmed that the magazine cover artist had indeed drawn inspiration from Banks’ Chill Guy artwork. The artist, identified as “Behind Blue Eyes” on X, revealed that the magazine featuring the artwork is set for publication on December 27, 2024.

Market Decline Amid Controversy

Chill Guy’s market cap has plummeted to $172 million, continuing a downward trajectory that began amid earlier scandals.

• Hacking Incident: Banks’ account was previously hacked, leading to false intellectual property claims and the promotion of another token.
• Loss of Trust: These events, compounded by the current plagiarism allegations, have diminished the coin’s relevance on Crypto Twitter and in the broader market.

The Bigger Picture

Chill Guy’s controversies highlight the precarious nature of meme coin success. While viral appeal can drive initial growth, sustaining market dominance requires trust and authenticity.

As new narratives and competitors emerge, Chill Guy faces an uphill battle to regain its standing in the crypto community.

Chill Guy meme coin’s rise and fall underscore the volatile nature of the cryptocurrency market, where controversies can quickly erode trust and market value. Whether the project can recover from these allegations remains uncertain, but the episode serves as a cautionary tale for creators navigating the high-stakes world of meme tokens.