Apr 30, 2024 - Economy

🪦 Circle orders a token to kill its website

Illustration of scales of justice with two blocks.

Illustration: Shoshana Gordon/Axios

A token called burning circle (CIRCLE) has agreed to transfer its website to Circle, the company behind the dollar stablecoin USDC.

Why it matters: The cryptocurrency world has been one that likes to play fast and loose with names and brands, especially in the slapdash world of tokens — but it has its limits.

  • Apparently, some of the established players in the space stopped being amused if one of them came too close to their brand identity.

The latest: On its X account, @UltraroundChaos (the only of the channel's projects that's left), there's a post describing what it has agreed to do.

  • In it, the project notes that it plans to comply with all requests made, including transferring the domain circlecoin.blue to Circle Financial.

Circle declined to comment on lawsuits when Axios reached out to verify that the takedown notice had come from the firm.

How it works: The offending token has some kind of deflationary mechanism, such that some number of tokens get destroyed every day.

By the number: CoinGecko has records for the coin going back to February.

  • The token has peaked around $33, but it's trading around $4.
  • It fell sharply on April 26, the day of the letter, purportedly from Circle's attorneys.

Yes, but: No one seems concerned about the rebrand in the @BurningCirclePortal Telegram channel for the project, which has over 3,000 members.

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