Famous rapper Kanye West responded to claims on social media that he would launch a memecoin called YE.
West clarified that he would not deceive his fans by launching a memecoin.
The source of the rumors circulating on social media was that West wanted to contact Coinbase CEO Brian Armstrong for a cryptocurrency partnership.
“I will not be issuing tokens. I only make products and do things that I love and understand. I am too rich to do anything else. Tokens, like the hype of sneaker culture, use hype to deceive fans,” West said in a social media post.
Earlier today, Kanye revealed that he was offered $2 million to promote a memecoin designed to exploit his fan base. According to screenshots of the chat shared by West, the proposed deal involved him backing a fake cryptocurrency scheme. The scheme involved an initial payment of $750,000, followed by Kanye claiming his account was hacked eight hours after the launch. Another $1.25 million was to be paid 16 hours after the launch. The scheme’s organizer assured Kanye that the “collaboration” could generate tens of millions of dollars in profits.
*This is not investment advice.
