Kanye West, now known as Ye, has turned down a $2 million offer to promote a fraudulent crypto scheme designed to exploit his massive social media following.
The alleged deal, which Ye exposed in a February 7 post on X (formerly Twitter), involved him posting a deceptive cryptocurrency promotion to his 32.6 million followers. Under the agreement, he would later claim his account was hacked, after victims had already poured money into the scam.
“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,” Ye wrote, attaching a screenshot that detailed the plan.
The Kanye West crypto scam offer has reignited conversations about celebrity involvement in crypto projects and the increasing number of fraudulent token launches linked to high-profile names.
How the Scam Was Supposed to Work
According to Ye’s screenshots, the fraudulent scheme was structured in two payments:
An upfront payment of $750,000 to share a crypto promotion on his social media accounts and leave it live for eight hours.
A final payout of $1.25 million after 16 hours, at which point he would publicly claim his account had been hacked.
By the time Ye “denied involvement,” the scammers would have already made tens of millions from unsuspecting investors who rushed to buy the fake token.
“This is how the game is played. The company asking you to do this will be scamming the public out of tens of millions of dollars,” the message in the screenshot read.
Ye’s refusal to participate in the Kanye West crypto scam offer has drawn praise from some corners of the crypto community, while others remain skeptical of his motivations.
Crypto Community Reacts to Kanye’s Revelation
Notable figures in the crypto industry have weighed in on Ye’s claims, offering their perspectives on celebrity involvement in digital assets.
Armeanio, a crypto commentator, suggested that instead of launching a memecoin, Ye should consider using blockchain technology to sell his merchandise directly to fans.
“Celebrity tokens generally bring a reckoning on retail,” Armeanio warned, referencing past instances where influencers promoted tokens that later crashed, leaving investors with heavy losses.
Meanwhile, another crypto analyst known as Crypto Vic believes Ye is leveraging the Kanye West crypto scam offer story as a publicity stunt ahead of his next album release.
“He is a master marketer,” Crypto Vic said, implying that Ye’s claims could be part of a broader strategy to stir controversy and drive engagement.
Celebrity Crypto Scams and Memecoin Frenzy
The revelation about the Kanye West crypto scam offer comes amid a wave of celebrity-endorsed cryptocurrency projects—some of which have ended in disaster.
One of the most recent cases involved Hailey Welch, better known as the “Hawk Tuah” girl, who distanced herself from the Hawk Tuah (HAWK) memecoin after its value crashed. Welch claimed she was deceived by the project’s manager, despite the token reaching a $490 million market cap within hours of its launch in December 2024.
Similarly, former U.S. President Donald Trump launched the Official Trump (TRUMP) memecoin just days before his inauguration in January 2025. The token initially surged, but its value plummeted 38% after First Lady Melania Trump introduced a competing token of her own.
A recent survey revealed that many buyers of the Official Trump and Official Melania memecoins were first-time crypto investors, highlighting how celebrity-backed tokens continue to attract inexperienced traders despite their volatile nature.
Kanye West and Crypto: A Complicated Relationship
Ye’s relationship with cryptocurrency has been inconsistent. In 2021, he expressed skepticism about Bitcoin and the broader crypto industry, stating that digital assets were not part of his vision. However, he has since shown signs of warming up to blockchain technology.
In his X post exposing the Kanye West crypto scam offer, he also shared a private conversation where he asked an unnamed contact for a “crypto connect” who wouldn’t require a middleman. The user responded by suggesting Coinbase CEO Brian Armstrong, offering to request his phone number for Ye.
This has led some to speculate that Ye may still be exploring legitimate crypto-related ventures, despite rejecting the fraudulent offer.
Celebrities and Crypto Fraud
Ye’s revelation underscores a broader issue in the cryptocurrency industry: the ongoing exploitation of celebrity influence to promote pump-and-dump schemes and fraudulent projects.
Regulators, including the U.S. Securities and Exchange Commission (SEC), have cracked down on celebrity-backed crypto scams in recent years. In 2022, Kim Kardashian was fined $1.26 million for promoting EthereumMax (EMAX) without proper disclosure, setting a precedent for future cases.
As scams become more sophisticated, experts warn that investors should be cautious when celebrity endorsements appear in the crypto space.
“The crypto industry is still full of bad actors looking to take advantage of retail investors,” said blockchain analyst ZachXBT. “Always do your own research and never trust a project just because a famous name is attached to it.”
Lessons from the Kanye West Crypto Scam Offer
The Kanye West crypto scam offer is a reminder that even high-profile figures are targeted by crypto fraudsters. While Ye’s decision to reject the deal has been met with mixed reactions, it shines a light on the murky intersection of celebrity influence and cryptocurrency.
Whether Ye genuinely intends to explore crypto ventures or is using this controversy for publicity remains to be seen. However, one thing is clear: the crypto community must remain vigilant against scams that prey on public trust.
For investors, the lesson is simple don’t let celebrity hype dictate your financial decisions. Always verify the legitimacy of any crypto project before getting involved.
Get more from The Bit Gazette
