Ye Rejects $2M Crypto Scam Offer, Raises Security Concerns

• Ye rejected a $2M crypto scam offer, exposing the dark side of celebrity-backed frauds in the industry.
• Crypto scammers exploit celebrity influence to inflate trading volumes, raising security concerns for high-profile accounts.
• Ye’s attempt to connect with Coinbase’s CEO signals a deeper personal interest in crypto and direct industry ties.

Ye recently revealed he declined a $2 million offer to promote a fraudulent crypto scheme. The deal included a $750,000 upfront payment, followed by an additional $1.25 million after 16 hours. Moreover, the contract required him to post a promotional tweet and leave it up for eight hours. Afterwards, he was instructed to claim his account was hacked.

This revelation raises concerns about social media crypto scams. The proposal explicitly stated that the company involved planned to scam the public out of “tens of millions of dollars.” Consequently, the crypto community is questioning the legitimacy of previous celebrity account hacks. Notably, several hacked X accounts have promoted Solana-based meme coins.

Celebrities Targeted in Similar Crypto Scams

Previously, hackers targeted Drake’s X account to promote a Solana-based memecoin, $ANITA. The fraudulent promotion generated $5 million in trading volume before removal. Similarly, Ye’s experience sheds light on a growing pattern of celebrity accounts being exploited for crypto scams.

This exposes the vulnerability of social media accounts and the influence celebrities hold over the crypto market. Scammers leverage their names to drive engagement and inflate trading volumes. Additionally, these incidents highlight the need for increased security measures for high-profile accounts.

Ye Seeks Direct Crypto Connections

Besides rejecting the scam offer, Ye expressed interest in connecting with Coinbase CEO Brian Armstrong. A recent post revealed his attempt to bypass intermediaries and directly engage with Armstrong.

There is no known prior direct relationship between Ye and Armstrong. However, Armstrong had previously engaged with discussions about Ye’s 2020 presidential campaign. Ye’s recent outreach suggests a growing personal interest in cryptocurrency and direct industry connections.

Moreover, the crypto community responded to Ye’s attempt to bypass middlemen. Many advised self-custody practices, emphasizing cold wallets for true ownership. Additionally, some suggested decentralized exchanges (DEXs) as an alternative to centralized platforms.

However, Ye’s Twitter activity was not limited to crypto. His recent posts included antisemitic remarks and controversial statements. Consequently, this led to renewed concerns over his presence on social media platforms.