Renowned artist and entrepreneur Kanye West has publicly exposed an alleged $2 million memecoin scam attempt, revealing chat evidence detailing the fraudulent scheme.
In a post on social media, Kanye disclosed that he was approached with an offer to promote a cryptocurrency token in exchange for an initial $750,000, followed by an additional $1.25 million after falsely claiming his account had been hacked.
The leaked messages suggest that the scammers aimed to exploit Kanye’s influence to manipulate the market, artificially inflating the token’s value before cashing out.
By publicly rejecting the offer, Kanye has drawn attention to the growing trend of celebrity-driven crypto scams that have left many retail investors at a loss.
Fraud Scheme Aimed at Market Manipulation and Exploiting Fans
The chat evidence shared by Kanye reveals that the orchestrators of the scheme intended to use his social media presence to promote the memecoin before staging a fake account hack.
The strategy, commonly associated with pump-and-dump schemes, was designed to lure unsuspecting investors into purchasing the token, driving up its price before scammers withdrew their profits.
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The individuals behind the offer even claimed that Kanye’s involvement could generate “tens of millions” in profits, underscoring the predatory nature of the deal.
Such tactics have become increasingly common in the crypto market, where fraudulent projects exploit celebrity endorsements to create hype and manipulate token prices.
A Pattern of Celebrity Crypto Scams in the Industry
Kanye’s revelation adds to a growing list of high-profile incidents involving celebrities being targeted or used in crypto scams.
Recently, rapper Wiz Khalifa’s X (formerly Twitter) account was hacked, with fraudsters promoting a fake $WIZ memecoin to his 35.7 million followers.
Similarly, Barron Trump’s X account was compromised to promote a fraudulent $BARRON token before the post and account were abruptly taken down, raising concerns about social media vulnerabilities in crypto promotions.
Additionally, scammers impersonated NBA legend Michael Jordan to market the fake $JORDAN token, using a rebranded X account to mislead investors.
These cases highlight the ongoing risks in the cryptocurrency space, where bad actors attempt to exploit celebrity influence for personal gain.
Kanye’s Possible Crypto Interests and Coinbase Connection
Beyond exposing the scam, Kanye also shared a screenshot suggesting he had attempted to contact Coinbase CEO Brian Armstrong, sparking speculation about his deeper interest in cryptocurrency.
While details of their potential conversation remain unclear, some believe Kanye may be exploring legitimate blockchain opportunities beyond promotional deals.
Given his influence in music, fashion, and branding, any serious venture by Kanye into the crypto industry could have significant market implications.
Whether through a partnership with an established platform like Coinbase or the development of his own blockchain-related project, Kanye’s potential involvement in the sector is likely to generate considerable attention.
Also Read: ZachXBT Exposes $3.5M Crypto Fraud On Memecoins Linked To Social Media Account Hacks