Early Tuesday, Sony froze two popular memecoins, Aibo and Toro, leading to investor losses. The primary cause was the company's intellectual property violations.
IP Violations Lead to Freeze
According to Soneium, both memecoins were marked 'Forbidden' on Blockscout. Sony stated it implemented measures to protect intellectual property rights, as the memecoins used it without authorization. Aibo, named after robot dogs, reached a market value of $2.7 million, while Toro, referencing a cat mascot, traded up to $1.1 million. A Sony spokesperson said measures were put in place to safeguard creators' rights.
Sony's Unique Memecoin Strategy
Unlike other blockchains, such as Solana, which embraces memecoins even if they parody copyrighted content, Sony focuses on IP protection. Soneium demonstrates centralized nature by allowing the company to freeze any token at will, contrasting decentralized blockchains' anonymity.
Memecoin Operations and Precautionary Measures
The unexpected freeze caused dissatisfaction among users, with some accusing Sony of 'rugging' investors. In the future, Sony plans to notify developers before freezing, allowing for necessary adjustments.
Sony's actions aim to protect creators' rights and fair profit distribution, though centralized approach raised criticism due to investor losses and unpredictable changes.