Fifty-billion-dollar stablecoin agency Circle Web Group has accused a circle-themed memecoin of “brand infringement,” resulting in a modification of its ticker on Solscan.
That’s based on an investor and member of the “Just A Circle ($CRCL)” memecoin group who instructed Protos, “Is it really necessary for [Circle] to be asserting infringement on a shape, or a stock ticker?”
Solscan then confirmed on July 7 that the change was made following an allegation of “brand infringement” from Circle.
Simply A Circle revealing Solscan’s electronic mail and the model infringement allegation from Circle.
The crypto tracker added that it’s nonetheless investigating the matter and famous that the Simply A Circle group can file a counter discover.
Circle owns the stablecoin USDC, which has a market cap of $64 billion. Simply A Circle’s CRCL reportedly had a market cap of roughly $450,000, and shot as much as $15 million after Solscan revealed the criticism.
Its market cap is now simply shy of one million {dollars}.
Whereas Solscan has modified the ticker, CoinGecko hasn’t, opting as an alternative to show a warning that claims “Just a Circle Token is not associated with Circle.”
Circle obtained ticker issues
Circle went public earlier this 12 months on the New York Inventory Change with the ticker “CRCL,” which was additionally shared by an oil funding agency known as Corcel PLC.
Consequently, many merchants preemptively purchased shares in Corcel PLC on the day of the general public itemizing, inflicting its value to soar by 16,689%.
Hundreds of memecoins copy or infringe on different mental property rights. In a single case, an artist pursued authorized means after the “Chill Guy” memecoin based mostly on his work was launched.
As for Circle’s criticism, the Simply A Circle investor instructed Protos, “This seems like a bunch of old TradFi suits dressed up in sheeps’ clothing but trying to stick it to a bunch of crypto enthusiasts trying to have some fun with memes and create a little bit of financial freedom.”
Protos has reached out to Circle Web Group for remark and can replace this piece ought to we hear something again.
