Chillguy Developer Considers Legal Response as Crypto Scams Emerge on TikTok

The Chillguy meme, which has gained significant traction across platforms like TikTok and Twitter, is now at the center of controversy as its creator, Phillip Banks, threatens legal action over the proliferation of unauthorized derivative works. Banks, who holds the copyright to Chillguy, expressed frustration at the rise of the Solana-based CHILLGUY memecoin and associated merchandise.

On Twitter (now X), Banks warned that he would take down any for-profit ventures using Chillguy’s likeness without permission, though he made it clear that he’s not bothered by brand accounts using the meme for trends as long as proper credit is given. He expressed more concern over unauthorized merchandise and “shitcoins,” including the popular CHILLGUY token, which surged over 1,000% at its peak, briefly reaching a market cap of $500 million. However, the token’s value has since dropped by nearly 50% as speculative trading and profit-taking took hold.

The rise of the CHILLGUY token, tied to the laid-back meme character, drew widespread interest from the crypto community and mainstream brands alike. Its popularity exploded on TikTok, where videos explaining how to buy the token spread quickly among “normies,” or the general public unfamiliar with crypto. As the token’s value increased, so did speculation and hype, though such meme-driven assets are notoriously volatile.

The rapid rise and fall of the CHILLGUY token are emblematic of the risks associated with meme-driven cryptocurrencies. While some investors sought to profit from the hype, others now face steep losses as the speculative market begins to correct itself. This situation also highlights the power of social media trends in shaping the fortunes of digital assets, especially in the fast-moving world of crypto memes.