Just hours after Sony launched its new blockchain, Soneium, the platform found itself in hot water.
At around 4 a.m. London time, users in Soneium’s Discord began reporting that they could no longer trade the tokens.
On Blockscout’s Soneium explorer, a tool for tracking blockchain activity, both coins were labeled “Forbidden,” with their transaction data completely wiped. The reason? Sony claims the coins violated its intellectual property (IP) rights. Aibo, named after Sony’s robotic dogs, had reached a market value of $2.7 million, while Toro, referencing Sony’s cat mascot Toro Inoue, had traded as high as $1.1 million.
“Measures were put in place to safeguard the rights of IP holders,” a spokesperson for Sony Block Solutions Labs (BSL), the firm behind Soneium, told DL News. “In cases where Sony’s IP was used without authorization, swift action was necessary to uphold our mission of protecting creators’ rights.”
Most blockchains, like Solana, embrace memecoins. Even if they parody copyrighted material because the viral buzz can bring more users to the network. But Sony is marching to the beat of its drum, prioritizing IP protection over potential memecoin mania.
This approach highlights Soneium’s centralized nature, allowing Sony to freeze any token at will—a stark contrast to decentralized blockchains, where shutting down a coin is nearly impossible due to anonymity and the lack of central authority.
Critics in the Soneium Discord accused Sony of “rugging” investors—a term that refers to a crypto project pulling the plug on its token. Often crashing its value to zero. While Sony didn’t profit from the freeze, the effect was the same: investors lost out big time.
Soneium’s crackdown caught users off guard, leaving many scratching their heads. In response, Sony BSL announced plans to implement a grace period for future blacklisting decisions. Developers will be warned. Also, given clear reasons and offered a chance to make adjustments before any tokens are frozen.
While Soneium aims to protect creators’ rights and foster fair profit-sharing, its centralized control is leaving some DeFi diehards feeling like fish out of water.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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