- Kanye West announced a controversial crypto token called “Swasticoin.”
- He claimed the token would launch next week but also hinted at a separate “YZY” token.
Kanye West, now known as Ye, has stirred controversy with plans to launch a cryptocurrency token called “Swasticoin.” The rapper announced a series of erratic social media posts. His statements included antisemitic remarks, offensive slurs, and a call for Binance co-founder Changpeng “CZ” Zhao’s contact information.
West claimed the token would launch “next week,” reversing his past criticism of celebrity-backed crypto projects. In a post, he wrote that he would open the contract address (CA) for “Jewish people and my friends and family first.” He also engaged in discussions about blockchain networks, including Ethereum, Solana, and BNB Chain.
Reports indicate that Ye is working on a token named “YZY” instead, intending to use it as a way to bypass Shopify’s censorship of his Yeezy store. According to sources, Ye plans to keep 70% of the token’s supply for himself. This aligns with his previous financial strategies, including selling Nazi-inspired merchandise.
Community backlash followed immediately. Binance’s CZ initially responded playfully but later distanced himself from the situation. Meanwhile, Community Notes on X flagged Ye’s posts as potential scams. Some users claimed he sold access to his account to Christian Barker, a known crypto scammer.
Ye Denies Allegations as ‘Swasticoin’ Sparks Backlash
Ye denied these accusations. He posted a video with Polychain Capital’s Olaf Carlson-Wee, insisting he controlled his account. Despite the warnings, he continued promoting “Swasticoin,” claiming it was attracting interest. In one post, he wrote, “People who didn’t like the Nazi posts hitting me up for the CA on my Swasticoin.”
Similar tokens, including “Hitler Musk” and “HITLER,” have appeared before, often targeting extremist communities. The rise of such projects has led to calls for decentralized platforms to implement content moderation.
Ethereum co-founder Vitalik Buterin has previously criticized racist meme coins, calling for higher-quality projects. Some industry leaders have suggested filtering offensive tokens from decentralized exchanges. However, implementing such measures remains challenging due to the permissionless nature of blockchain.
Despite Ye’s claim that “Swasticoin” will launch next week, doubts remain. His history of inflammatory rhetoric raises questions about whether this is another publicity stunt. His latest post simply stated, “Time to launch my blockchain,” leaving the future of his crypto venture uncertain.
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