Kanye West Declines $2M Offer to Promote Crypto Scam: Details

Kanye West, now known as Ye, disclosed that he rejected a $2 million proposal to promote a deceptive cryptocurrency scheme. The plan involved West posting about a fake digital currency on social media and later claiming his account had been hacked, potentially leading to significant financial losses for unsuspecting investors.

Eight-Hour Fraud Plan Revealed

On February 7, West shared details of the scam via a post on X, where he claimed he “said no and stopped working with the person who proposed it.” He included a screenshot outlining the dubious offer, which included an initial payment of $750,000 to keep the fraudulent post live for eight hours.

After the post was deleted, West would allegedly claim his account had been compromised. In exchange for his participation, the proposal promised a second payout of $1.25 million.

“The company asking you to do this will be scamming the public out of tens of millions of dollars,” read the message West shared.

Shortly after, Kanye West sought direct connections in the crypto space, including Coinbase CEO Brian Armstrong, through a private conversation shared in the same post.

Community Reactions and Market Buzz

Crypto commentators were quick to react to West’s revelation. Armeanio, a prominent voice in the crypto community, suggested West consider using cryptocurrency to sell his merchandise rather than launching a memecoin. “Celebrity tokens generally bring a reckoning on retail,” he cautioned.

Meanwhile, Crypto Vic speculated that Kanye West might be building hype ahead of his upcoming album release. “He is a master marketer,” Vic remarked, implying that Ye’s public stance may be strategic.

The incident comes amid growing scrutiny of celebrity involvement in the crypto sector. Haliey Welch, known as the “Hawk Tuah” girl, recently resurfaced after the collapse of the HAWK memecoin, which had initially skyrocketed to a $490 million market cap before crashing by over 91%.

Adding to the recent wave of high-profile crypto projects, former U.S. President Donald Trump launched his own memecoin in January. Trump’s token initially surged but fell by 38% following the release of his wife Melania’s coin.