Chill Guy meme coin under fire for alleged plagiarism as market cap falls

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Chill Guy meme coin, which once boasted a $790 million peak market cap, is now embroiled in controversy as allegations of plagiarism surface.

A Vietnamese children’s magazine cover surfaced on X, featuring a boy striking a pose and a dog with a head remarkably similar to the viral Chill Guy meme.

The discovery has led many to question whether creator Phillip Banks appropriated the artwork.

The accusations gained momentum on Crypto Twitter, where users widely circulated the magazine image, sparking debate about ChillGuy’s art being stolen from the Vietnamese magazine.

In response, Banks addressed the claims in a post on X, “Vietnamese children’s magazine repurposed CGWLKDGAF,” dismissing critics and asserting that his work was the original source.

Confirming that the Vietnamese children’s magazine repurposed Banks’ art, Coin68, a Vietnamese crypto publication, revealed that the magazine cover artist drew inspiration from Banks’ ChillGuy artwork.

In Coin68’s report, a series of tweets revealed that someone used Banks’ art to create the cover for an issue of a children’s magazine.

A user on X, going by the name “Behind Blue Eyes,” confirmed that he drew inspiration for the artwork from Phillip Banks’ Chill Guy meme.

The user also shared on X that the magazine featuring the allegedly stolen art was scheduled for publication on December 27, 2024.

At the time of writing, Chill Guy meme coin’s market cap has fallen to $172 million, continuing its decline as new narratives and controversies replace its once-dominant position on Crypto Twitter.

Earlier scandals, including a hacking incident on Banks’ account that led to false IP rights claims and the promotion of another token, have further contributed to its diminishing market relevance.

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This article first appeared at Crypto Briefing