Rap Start Kanye West Exposes $2M Crypto Scam Attempt

Kanye West recently revealed that he was offered $2 million to endorse a fraudulent meme coin using his name.

The scheme, which involved an upfront payment of $750,000 and an additional $1.25 million after the promotion, also included instructions for him to later claim his account had been hacked to cover up the endorsement. The scammers openly admitted their goal was to steal millions from the public.

West declined the offer, emphasizing that he has rebuilt his net worth to $2.77 billion without resorting to cryptocurrency promotions. Following his public rejection of the deal, he sought advice from a trusted figure in the crypto industry, with one recommendation pointing him toward Coinbase CEO Brian Armstrong.

His revelation has sparked renewed discussions about celebrity endorsements in the crypto space, particularly the frequent claims of social media account hacks linked to questionable token promotions. Some in the industry suspect that certain influencers may not actually be hacked but instead willingly participate in such schemes.

Blockchain security expert Yu Xian, founder of SlowMist, acknowledged that these fraudulent offers are common, explaining that scammers often pay influencers large sums 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.