On 8th February 2025, in New York, Rapper Ye, formerly Kanye West, revealed that he rejected a $ 2 million offer to promote a fraud cryptocurrency scheme, advising Coinbase’s Brian Armstrong to steer clear of intermediaries.
Recently Rapper Ye, formerly Kanye West called on Coinbase CEO Brian Armstrong to bypass intermediaries in the cyrptocurrency space. This comes after Ye disclosed that he turned down a $2 million proposal to promote a fraud crypto project among his followers. On 7th February in a post on X, he revealed that the scheme involved promoting the fraud project and then falsely claiming that hackers have hacked his account. The initial payment for this work was set at $750,000, with an additional $1.25 million promised after just 16 hours.
Kanye West’s Statement On The False Crypto Project
Ye said that he promptly declined the offer and closely noticed the individual who presented it. This incident highlighted the ongoing scams which are more common nowadays which are targeting high-profile figures, who are often exploited for their influence within the crypto community. In his X post, Ye said, “I was proposed 2 million dollars to scam my community. Those left of it. I said no and stopped working with the person who proposed it.” This revelation highlighted the ongoing challenges in the crypto community, particularly regarding the integrity of endorsements and the potential risks posed by malicious actors.
Blockchain security expert Yu Xian, founder of SlowMist, acknowledged that these fraud offers are common nowadays, explaining that scammers often pay influencers large amounts to promote tokens before claiming they were hacked. With meme coin scams thriving in the current market, the ease of making millions through quick rug pulls remains a major concern in the crypto community.
Following this, Kanye West revealed that he is planning to launch his cryptocurrency, as reported by Kook Capital LLC on Twitter. This announcement, made at 10 am EST, instantly affected the cryptocurrency markets, resulting in significant increases in trading volumes and price fluctuations.
After the revelation by Kanye West about his cryptocurrency, Bitcoin (BTC) surged by 2.5% within the first hour, reaching $64,789 by 11 am EST, and Ethereum (ETH) saw a 1.8% volume rise, trading at $3,567 by 11:15 am EST. The trading volume for Bitcoin spiked to 12.3 million BTC in that first hour, as compared to an average of 7.8 million BTC in the previous week. Meanwhile, Ethereum’s trading volume rose to 5.4 million ETH from an average of 3.3 million ETH.
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