Ye Reveals He Was Proposed to Fake a Meme Coin Hack, Denies Having Interest in Crypto

Kanye West revealed that he received a proposal to fake the launch of a meme coin associated with his name and later claim that his social media account was hacked. The performer stated that he rejected this offer and ceased working with the individuals involved.

Ye Rejected Fake Meme Coin Hack Proposal: ‘Coins Pray on the Fans With Hype’

Ye, the rap performer also known as Kanye West, has returned to the mainstream spotlight due to his recent controversial posts on social media. In one of these posts, Ye reveals that he has been targeted by individuals with proposals regarding the launch of a cryptocurrency associated with his name.

This offer included scamming his fanbase, potentially exploiting them for millions of dollars. Kanye revealed that he was advised to announce the launch of a ‘Ye Coin’ using his X account and then report that his account had been hacked, thereby freeing himself from the potential liabilities associated with the fraud.

Ye showed a screenshot of a message feed where an unidentified individual offered him $750k upfront to proceed with this scheme, with $1.25 million delivered 16 hours after the event.

Eight hours after the post, Ye would have to deny any involvement with the token, faking a social media hack.

The token launch would have the possibility of yielding millions for the scheme designers, given that Ye is a highly popular rapper, selling tens of million of records and having over 30 million followers on X.

The rapper later denied having any interest in launching his currency. In his accustomed all-caps style, Ye declared:

IM NOT DOING A COIN I MAKE PRODUCTS I ONLY DO THINGS I AM PASSIONATE AND KNOWLEDGEABLE ABOUT IM TOO RICH TO DO ANYTHING ELSE COINS PREY ON THE FANS WITH HYPE JUST LIKE HYPED UP SNEAKERS CULTURE WHERES THE FTPS NOW.

Previous reports linked Ye to Sahil Arora, a developer who has been allegedly involved in launching several pump-and-dump token schemes involving celebrities like Caitlyn Jenner, Floyd Mayweather, and Amber Rose.

Ye’s statements raise worries about other celebrities and personalities that might have been receiving these proposals inciting them to commit fraud in the crypto space.

Read more: Meme Coin Economy Drops $35B in 26 Days, Even as TRUMP Token and AI Agents Enter the Fray