• A weeks-long feud between the creators of the Solana-based CHILLGUY meme coin and Philip Banks, the illustrator of the iconic “Just a Chill Guy” meme
• The feud took a bizarre turn on Thursday
• What seemed like a resolution to the conflict quickly unraveled into a chaotic series of events driven by hacking
A weeks-long feud between the creators of the Solana-based CHILLGUY meme coin and Philip Banks, the illustrator of the iconic “Just a Chill Guy” meme, took a bizarre turn on Thursday. What seemed like a resolution to the conflict quickly unraveled into a chaotic series of events driven by hacking and misinformation, leaving the token’s market value in shambles.
JUST IN: Solana meme coin $CHILLGUY (@chillguycto) dumps 45% in 30 minutes following reports the original Chill Guy meme creator did not give IP rights to the project and his X was compromised
— BlockNews (@blocknewsdotcom) December 12, 2024pic.twitter.com/l8Rq8K6jHE
A Surprise Announcement Sparks Hope
On Thursday evening, an X (formerly Twitter) account linked to Philip Banks claimed that the artist had reached an agreement with the CHILLGUY token team to license his intellectual property.
“Some members of CHILLGUY token reached out to me and we had a long discussion,” the post read. “They have been really supportive and nice, and we reached an agreement. I’ve decided to provide licensing and IP rights to the CHILLGUY token and team.”
This announcement sent the token’s price soaring, gaining over 22% almost instantly. Licensing agreements between meme coins and their original creators have previously led to explosive price increases, as they eliminate legal uncertainties that could undermine the project.
The Unraveling: A Hoax Exposed
The euphoria was short-lived. Suspicion arose when Banks’ account began posting additional claims, including that he had created a Solana wallet and was launching his own official Chill Guy token via Pump.fun.
The CHILLGUY token team quickly responded on Twitter, stating that the supposed licensing deal had taken them by surprise and casting doubt on its legitimacy. Within minutes, the token’s price plummeted by 25%, falling to $0.33 before dropping further to under $0.30 at the time of writing.
The Hack and Its Fallout
As the token’s value collapsed, Banks’ account began posting anti-crypto statements, condemning the events as fraudulent.
“Chill Guy’s image and rights will NEVER be involved in crypto,” one post read. “Spreading hate, attacking my family, committing crimes to profit off my art…. After today’s events, I’m going to be sending takedown requests, and preparing to battle these crypto platforms legally.”
Banks later clarified via an Instagram post that the tweets were not his own and that his account had been hacked. All fraudulent messages have since been removed.
A Familiar Pattern in Meme Coin Chaos
The CHILLGUY debacle is yet another example of the volatility and unpredictability that define the meme coin space. The incident recalls the rise of other meme coins like Peanut the Squirrel (PNUT), which soared 19% in an hour following Coinbase’s announcement of its upcoming listing. Despite their whimsical origins, these tokens often become breeding grounds for speculative trading and chaos.
The CHILLGUY saga underscores the often absurd and dramatic nature of the cryptocurrency world, where hacking, misinformation, and rapid market shifts are par for the course. While the token’s future remains uncertain, the incident serves as a cautionary tale for investors navigating the wild world of meme coins.
