- Ye refused a $2 million scam offer, exposing fraudulent crypto promotions.
- Experts warned against storing crypto on centralized exchanges due to security risks.
- Ye’s return to X included controversial posts that sparked criticism.
Kanye West, also known as Ye, revealed a crypto scam attempt on X. A contact offered him $2 million to promote a fraudulent Ye currency. The deal included an upfront payment of $750,000 and an additional $1.25 million after 16 hours. Ye refused the offer and stated he would not scam his community.
Celebrity Crypto Scams Are Increasing
Ye’s revelation highlights growing concerns about crypto scams involving celebrities. Hackers have previously targeted high-profile figures to promote fraudulent cryptocurrencies. Last December, hackers took over Drake’s X account to promote a Solana-based memecoin.
The scam generated $5 million in trading volume before it was exposed and removed. Many investors have fallen victim to misleading celebrity promotions. Crypto scams continue to exploit the popularity of well-known public figures.
Ye Seeks Direct Crypto Connection
Ye expressed interest in discussing cryptocurrency directly with Coinbase CEO Brian Armstrong. He posted a screenshot of a message requesting a direct connection without intermediaries. His attempt to contact Armstrong drew attention from the crypto community.
Several industry experts expressed concerns about using centralized exchanges to store Bitcoin assets. Some users stressed that self-custody through cold wallets stands as a crucial storage method. Others suggested decentralized exchanges as an alternative for better security.
Crypto Experts Warn About Security Risks
Experts responded to Ye’s post by highlighting the dangers of keeping assets on centralized exchanges. The Bitcoin Conference explained that users do not truly own Bitcoin stored on an exchange. They stated that transferring assets to a cold wallet eliminates third-party risks.
Many investors echoed these concerns and advised against trusting intermediaries. Some users warned that exchanges could freeze or restrict access to funds. Security remains a major concern for cryptocurrency holders worldwide.
Ye’s Controversial Posts Spark Reactions
Ye’s return to X included multiple tweets related to cryptocurrency. However, he also posted inflammatory remarks that sparked backlash. His tweets contained controversial statements and offensive language.
Ye has faced multiple suspensions from the platform for spreading hate speech. In December 2022, X banned his account for similar content. His latest posts have once again raised concerns about his behavior online.
