Kanye West Rejects $2M Crypto Scam
Kanye West Rejects $2 Million Crypto Scam Proposal
Rapper Kanye West recently revealed that he was offered $2 million to promote a fraudulent meme coin using his name and influence. This disclosure comes amidst speculation about West's exploration of the cryptocurrency industry and his reported connections with Coinbase CEO Brian Armstrong.
The Scam Details
West detailed the proposal on X (formerly Twitter), stating that the scammers offered an initial payment of $750,000, with the remaining $1.25 million to be released 16 hours after he promoted the token. The agreement stipulated the promotional post remain live for at least eight hours. To conceal the endorsement, the scammers suggested West later claim his account was hacked. The final message from the scammers blatantly admitted their intention was to steal "tens of millions of dollars" from the public.
West, however, rejected the lucrative offer, stating that he had no interest in defrauding his followers. He emphasized that his net worth is back to $2.77 billion, achieved without promoting any cryptocurrency.
“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,” West stated.
Following the rejection, West shared a screenshot of a conversation seeking advice within the crypto industry, with one suggestion pointing him toward Coinbase CEO Brian Armstrong.
Concerns About Celebrity Endorsements and Crypto Scams
West's experience highlights growing concerns about the credibility of celebrity endorsements in the cryptocurrency market. Numerous instances of high-profile accounts on X being allegedly "hacked" to promote questionable crypto projects have fueled skepticism. This raises questions about whether all such incidents are truly hacks, or if some influencers are knowingly involved in such schemes.
“Are you telling me all the big accounts getting ‘hacked’ and posting a memecoin over the last several months are fake?” Crypto influencer NotEezzy questioned.
Blockchain security expert Yu Xian, founder of SlowMist, confirmed the prevalence of these scams. He noted that while compromised accounts are frequently used for fraudulent promotions, scammers also directly approach influencers with financial incentives.
“I believe this kind of scam exists. The scammers get a big [influencer] to act in the scheme, post a CA, and 8 hours later, the big [influencer] tweets that they got hacked. But with a prepayment of $750,000, is it that intense?” Xian wrote.
The ease with which millions can be stolen through rug pulls makes such scams incredibly lucrative. Users must exercise extreme caution and not consider any celebrity endorsement as a guarantee of legitimacy or trust. Always conduct thorough research and due diligence before investing in any cryptocurrency project.
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