The $5 billion Stablecoin Firm Circle Internet Group accused circle-themed Memecoin of “brand infringement,” leading to a change in Solscan ticker.
It told Protos, according to investors and members of Just Circle ($crcl).
The ticker for Solkan tokens was changed from CRCL to SPL tokens at some point in June. Investors claimed that Solscan “received a report that this token is copyrighted or used trademarked material without permission and is not associated with a legitimate owner. Please be aware.”
Solscan then confirmed on July 7 that the changes were made following the allegations of “brand infringement” from Circle.
Read more: Circle drag drag to drag the feet as defi protocol GMX hack
Solscan noted that it only acknowledged circle emails on the issue and noted that The report was submitted by the circle and its representatives.
Crypto tracker added that it is still investigating the issue, noting that a mere circle community can submit counter notifications.
Circle owns Stablecoin USDC, a market capitalization of $64 billion. The circle’s CRCL reportedly had a market capitalization of around $450,000. Shots up to $15 million After Solscan revealed the complaint.
Its market capitalization is currently shy at $1 million.
Solscan changed the ticker, but Coingecko doesn’t. Instead, I chose to display the warning “Only Sicrl Token is not associated with Circle.”
Circle has won ticker issues
The circle was published on the New York Stock Exchange this year with the ticker “CRCL.” This was also shared by an oil investment company called Corcel PLC.
As a result, many traders preemptively bought stocks on Corcel PLC on the day of their public listings, increasing the price by 16,689%.
Read more: Misunderstanding the VCS market with Circle Executives – It costs them $200 million
Thousands of Memecoin copying or infringing other intellectual property rights. In one case, the artist pursued legal measures after the launch of “Chil Guy” memo coins based on his work.
Regarding the circle’s complaints, Just Circle investors told Protos:
Protos has contacted the Sircle Internet Group for comment and has updated this piece and has heard anything.
