Phillip Banks, the artist who created the popular Chill Guy image, has reported that his X account was hacked.
In a statement posted on Instagram, Banks clarified that the radical tweets sent from his X account were not posted by him.
This announcement comes after the newly launched CHILLGUY token experienced a 13% plunge in its price, raising suspicions that the account breach may have been a factor in the token’s sudden downturn.
Initial CHILLGUY Token Success and Growing Concerns
The CHILLGUY token had quickly gained traction, reaching a $1 billion market cap before experiencing a complete dump.
This sudden price collapse fueled concerns that Banks’ account may have been compromised, leading to the creator’s public statement about the unauthorized tweets.
The CHILLGUY official X community account also expressed confusion over the developments, further adding to the growing unease surrounding the token.
Banks’ Shifting Stance on Intellectual Property Rights
The sudden shift in Banks’ stance has confounded many observers. Initially, the Chill Guy creator had announced his intention to issue takedowns for unauthorized uses of the character.
However, he later granted intellectual property rights to the CHILLGUY token team, a decision that appeared to contradict his previous actions.
This abrupt change in position has only heightened the uncertainty surrounding the token’s legitimacy and the creator’s involvement.
Also Read: Crypto Trading Firm Wintermute Amasses $5.47M in CHILLGUY Tokens, Positions as Market Maker
Allegations of Unauthorized Use and Legal Preparations
In a recent X post, Phillip Banks asserted that the Chill Guy image and rights will never involve encryption.
He accused a “conspiracy group” of spreading hatred, attacking his family, and committing crimes to profit from his personal art without permission.
Banks stated that he is currently preparing to fight these encryption platforms legally, suggesting a possible legal battle over the unauthorized use of the Chill Guy intellectual property.
CHILLGUY Token’s Price Decline and Market Cap
The price of the CHILLGUY token has declined significantly in the wake of these developments. The token is currently trading at $0.3189, representing a 12.61% price drop in the last 24 hours and a 28.54% decline over the past 7 days.
With a circulating supply of 1 billion CHILLGUY, the token’s market capitalization stands at $318,888,435, reflecting the substantial impact of the creator’s account breach and the subsequent uncertainty surrounding the project.
Recent Crypto Hacks in the Industry
Prior to the details of the CHILLGUY token plunge and Creator’s X account hack, it’s important to note the broader context of several recent high-profile crypto hacking incidents that have occurred.
Prominent blockchain investigator ZachXBT has shed light on a sophisticated $3.5 million crypto fraud scheme involving compromised Twitter accounts to promote fraudulent memecoins.
Additionally, the crypto casino Metawin suffered a significant $4 million loss when hackers exploited vulnerabilities in its “frictionless withdrawal system.”
In Japan, the cryptocurrency exchange DMM Bitcoin announced plans to liquidate after a $320 million security breach, leading to the transfer of customer accounts to SBI VC Trade.
Furthermore, XT Exchange reportedly lost $1.7 million in assets in a suspected hack, raising concerns over the platform’s security measures.
These incidents underscore the growing security challenges faced by the cryptocurrency industry and the need for robust protection measures to safeguard user funds and prevent such breaches.
Also Read: Wiz Khalifa’s Twitter Hacked: Hackers Promote Wiz Memecoin to 35.7M Followers