In a revealing social media post, rapper Kanye West, also known as Ye, disclosed that he turned down a $2 million offer to promote a fraudulent cryptocurrency bearing his name.
According to West's statement, unknown parties approached him with an elaborate scheme involving a fake "Ye token." The deal proposed an initial payment of $750,000, followed by $1.25 million after 16 hours, in exchange for promoting the fraudulent cryptocurrency to his millions of followers.
The scammers' detailed plan required West to keep the promotional post visible for at least eight hours before claiming his account had been hacked - a strategy apparently designed to deceive investors while providing plausible deniability.
"I was proposed 2 million dollars to scam my community-those left of it. I said no and stopped working with their person who proposed it," West stated. He added that his current net worth stands at $2.77 billion, achieved without endorsing any cryptocurrency projects.
The revelation has sparked discussions about celebrity crypto endorsements on social media platform X, where similar incidents involving high-profile accounts have occurred. Industry experts suggest that some alleged account "hacks" promoting questionable crypto projects may actually be orchestrated schemes.
Following the disclosure, West shared that he was seeking legitimate guidance in the cryptocurrency sector, potentially through Coinbase CEO Brian Armstrong. This indicates West's genuine interest in exploring legitimate cryptocurrency opportunities while rejecting fraudulent schemes.
The incident highlights the ongoing challenge of cryptocurrency scams targeting celebrity influencers and their followers. Blockchain security experts confirm that such approaches to high-profile individuals are common, combining substantial financial incentives with sophisticated deception tactics.