Kanye West Rejects $2 Million Offer to Promote Fraudulent Crypto Scheme
Ye, previously known as Kanye West, recently revealed he was offered $2 million to promote a fraudulent crypto scheme but turned it down.
The plan allegedly involved him posting a fake cryptocurrency promotion to his 32.6 million followers, only to later claim that his account had been hacked. By the time he would have made this claim, victims could have already lost substantial sums of money.
In a post shared on February 7, Ye explained that he was offered $750,000 upfront for the post, with the condition that it remain online for eight hours. After this period, he could claim his account had been compromised, followed by an additional $1.25 million payout. The scam’s promoters planned to deceive the public out of tens of millions of dollars. West quickly distanced himself from the individuals involved, cutting ties with the person who made the proposal.
West’s post also included a screenshot of a conversation where he asked an individual for a “crypto connect” that would avoid using intermediaries. The person suggested contacting Coinbase CEO Brian Armstrong to get his phone number.
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The news has sparked reactions from various crypto commentators. Armeanio, a well-known figure in the space, advised West to consider using cryptocurrency for merchandise sales instead of launching a memecoin, which tends to lead to problems for retail investors. Others, like Crypto Vic, speculate that West might be generating buzz for his upcoming album release rather than planning a token launch, as he is known for his marketing savvy.
This controversy comes amidst a trend of celebrity-led cryptocurrency launches. Recently, Hailey Welch, known for the “Hawk Tuah” memecoin, shared her experience after the token’s massive rise and sudden collapse. The Hawk Tuah token reached a market cap of nearly $500 million in hours, only to plummet over 90% the next day.
Meanwhile, other celebrities, including former US President Donald Trump and his wife, Melania Trump, have also launched their own memecoins, with mixed results. Despite significant initial interest, the value of both Trump-related tokens fell sharply, with many buyers being new to crypto.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
