Phillip Banks, the artist behind the viral Chill Guy meme, has threatened legal action against those using his artwork for unauthorized meme coins, particularly after the Solana-based CHILLGUY token skyrocketed in value. Following Banks' warning, the coin's price dropped significantly but later rebounded. He clarified that while he appreciates non-commercial reposts, the establishment of crypto coins based on his work crosses a line. The meme coin had reached a peak market cap of $500 million shortly before Banks' tweet, but it quickly declined by 54% shortly after. Banks expressed frustration with the sudden influx of crypto-related messages and confirmed that he would take action against unauthorized merchandise and such coins. Some platforms continue to trade CHILLGUY despite the artist's warnings, echoing past copyright disputes in the crypto space. Banks also indicated that his personal information was leaked as a result of the backlash, leading to further complications in the situation.

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