Is that true? How can they decide to wipe out the intellectual property for an individual or entity? It’s not theirs to give it away.
"intellectual property" only exists because society collectively allows it to. it's not some inviolable law of nature. society (or the government that represents them) can revoke it or give it away.
Copyright is literally granted by the gov.
Copyright is not a god given right. It's an economic incentive created by government to make desired behavior (writing an publishing books) profitable.