David Edwards
Kanye West, has claimed that he turned down a $2 million offer to promote a fraudulent cryptocurrency scheme. The alleged scam involved West posting a deceptive crypto promotion to his 32.6 million followers on X (formerly Twitter), then later claiming his account had been hacked—potentially leading to significant financial losses for unsuspecting investors.
“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 in a Feb. 7 X post.
Inside the $2 Million Scam Proposal
According to a screenshot West shared, the fraudulent scheme involved a staged promotion of a “fake Ye currency.” The offer included an upfront payment of $750,000 for posting the promotion and keeping it live for eight hours. After this period, West would claim his account had been hacked, distancing himself from the post. He would then receive a second payout of $1.25 million just 16 hours later.
“The company asking you to do this will be scamming the public out of tens of millions of dollars,” the message in the screenshot stated.
Crypto Community Reacts
The revelation sparked widespread debate within the crypto community. Some commentators speculated on West’s potential future involvement in cryptocurrency.
Crypto analyst Armeanio suggested that if West ever enters the crypto space, he should leverage blockchain technology to sell merchandise rather than launching a memecoin. “Celebrity tokens generally bring a reckoning on retail,” Armeanio warned.
Meanwhile, Crypto Vic argued that West is unlikely to launch a token, suggesting instead that this controversy could be a strategic move to generate buzz ahead of his next album. “He is a master marketer,” Crypto Vic commented.
The Trend of Celebrity Crypto Scandals
West’s revelation comes amid a growing trend of celebrity-backed cryptocurrency projects that often result in financial turmoil for investors.
Recently, internet sensation Haliey Welch, also known as the “Hawk Tuah” girl, spoke publicly for the first time since the launch—and subsequent collapse—of the HAWK memecoin. The token, launched on Dec. 4, 2024, skyrocketed to a $490 million market cap in hours before plummeting by 91% to just $41 million the following day. Welch has since claimed she was deceived by the project manager.
Former U.S. President Donald Trump also made headlines with his Official Trump (TRUMP) memecoin, launched just before his January inauguration. The token surged in value before experiencing a sharp 38% decline following the launch of a rival memecoin by First Lady Melania Trump.
A recent survey revealed that many buyers of the Trump-affiliated memecoins were first-time cryptocurrency investors, highlighting the risks associated with celebrity-endorsed digital assets.
