Kanye West lately revealed that he was provided $2 million to endorse a fraudulent meme coin utilizing his identify.
The scheme, which concerned an upfront cost of $750,000 and a further $1.25 million after the promotion, additionally included directions for him to later declare his account had been hacked to cowl up the endorsement. The scammers brazenly admitted their aim was to steal hundreds of thousands from the general public.
West declined the supply, emphasizing that he has rebuilt his internet price to $2.77 billion with out resorting to cryptocurrency promotions. Following his public rejection of the deal, he sought recommendation from a trusted determine within the crypto trade, with one advice pointing him towards Coinbase CEO Brian Armstrong.
His revelation has sparked renewed discussions about celeb endorsements within the crypto house, significantly the frequent claims of social media account hacks linked to questionable token promotions. Some within the trade suspect that sure influencers could not truly be hacked however as a substitute willingly take part in such schemes.
Blockchain safety professional Yu Xian, founding father of SlowMist, acknowledged that these fraudulent affords are widespread, explaining that scammers usually pay influencers giant sums to advertise tokens earlier than claiming they have been hacked. With meme coin scams thriving within the present market, the benefit of constructing hundreds of thousands via fast rug pulls stays a serious concern.
