‘Coinye is dead. You win, Kanye’

The developers behind crypto-currency Coinye have thrown in the towel after pressure from Kanye West’s lawyers.

Coinye was originally called Coinye West, but after legal pressure from the rapper, the developers dropped the ‘West’, changed the logo to a ‘gay fish’, and launched the currency early to “spread what we got so far before the bigwigs steal our work”.

Although the Coinye team seemed to be preparing for a fight, they’ve now given up and closed the project down.

If you visit the official Coinye site you’ll be greeted with: “COINYE IS DEAD. You win, Kanye” accompanied by an image of the ‘Pool’s Closed’ meme, which refers to a catchphrase associated with a series of Anonymous raids carried out on social networking site Habbo Hotel. Members of the group formed human blockades with their avatars, who were all dressed in afros and business suits, around popular hangouts such as the pool.

While Coinye may be no more, another crypto-currency is giving Bitcoin a run for its money. Dogecoin is now seeing roughly 90,000 transactions made each day, compared to Bitcoin’s 54,000.