ChillGuy Coin tanked 25% after it was exposed that they had absolutely zero rights to the OG meme. Creator Philip Banks called out hackers who faked his approval, sparking chaos. Trading spiked, Wintermute profited big, and the drama highlights how risky meme coins can be when hype and shady moves rule the market.
ChillGuy Coin just took a major L, dropping 25% in 30 minutes after it came out that the team had zero rights to the OG Chill Guy meme. The price nosedived from $0.4793 to $0.2677, slashing its market cap to $299M, as panicked investors sold off hard. Trading volume spiked 172% during the chaos.
Philip Banks, the artist behind the Chill Guy meme, spilled the tea, saying he never gave IP rights to the coin’s creators. Turns out, hackers got into his socials and faked posts claiming he was onboard with the project. The fake tweets even pumped the token by 30% to $0.44 before the truth dropped. Banks’ Insta later confirmed the hack, and all fake posts are gone now.
Making it worse, on-chain data revealed Wintermute, a market maker, bought $1.2M in ChillGuy before the fake tweets, flipping them for fat profits. Shady much?
ChillGuy Coin launched on Solana last month and hit $561M market cap fast, fueled by meme vibes and Gen Z hype. But Banks is now pushing for copyright protection to stop people from exploiting his art.
The takeaway? Meme coins are wild and risky. Hype dies fast, and drama’s always around the corner.
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