Singer Kanye’s coin issuance: The attitude is reversed and the X account is suspected of selling, is it another careful "harvest"?

Author: Fairy, ChainCatcher

Edited by: TB, ChainCatcher

Recently, from publicly boycotting Meme coin fraud scams, to being exposed to preparing YZY tokens, to suspected X account being sold, Kanye West's behavior is full of contradictions and doubts. Is he a chess piece under the celebrity effect or a carefully planned trader? Is the fanatical speculation trend in the crypto market being pushed into a new "harvest" model?

This article will comprehensively sort out the Kanye coin issuance storm and uncover this mystery about the world of traffic, capital and crypto.

Kanye West (now known as Ye, also known as Kanye) is a legendary figure who crosses the boundaries of music, business and fashion. He has won 24 Grammy Awards and was twice selected as one of the top 100 figures in Time magazine. His music has changed the whole thing. Hip-hop industry.

At its peak, Kanye West became the richest black man in the United States with a net worth of $6.6 billion. In January, Eton Venture Services confirmed that his net worth is still as high as $2.77 billion after evaluating Ye's music copyright and its exclusive ownership of the YEEZY trademark.

From refusing to fraud to ending in person?

On February 8, Kanye West posted a message on X platform that someone had proposed a "cooperation" to him: to promote a Meme currency for $2 million and use it to defraud his fan community. Kanye flatly refused and posted the chat history.

Then, Kanye further stated: "I can't issue tokens. I only make products and do things I love and know. I'm too rich and there's no need to do anything else. Tokens use hype to deceive fans, it's like being hyped. The sneaker culture is the same."

This incident was quickly exposed, and the discussions in the crypto community about the fraud case of "theft of celebrity X accounts and issuing coins" increased sharply, and Kanye was once regarded as a sober industry role model.

However, things began to reverse and became more and more confusing.

Last Friday, CoinDesk reported that Kanye is actually preparing his own crypto token - YZY. People familiar with the matter revealed that Kanye will receive 70% of the token allocation plan, with liquidity supply accounting for 10% and investors accounting for 20%. YZY tokens will serve as the official currency of the Yeezy brand and can be used for website payments.

The inconsistent attitude caused an uproar in the crypto community and sparked widespread doubts and criticism.

Confused operations

As the YZY token storm fermented, Kanye West posted on the X platform: "All Ye-related Memes in the market are fake, and will launch their own Meme coins next week."

Kanye posted several posts about cryptocurrencies next time, with one tweet suggesting a token called "Swasticoin". "I will first open my Swasticoin's CA (contract address) to Jews and my relatives and friends," he wrote in his tweet.

At the same time, Kanye began to frequently forward tweets from Binance founder Zhao Changpeng (CZ), and once followed the CZ account. When the community speculated that he would issue coins on BNB Chain, he turned to CZ and turned to Polychain Capital founder Olaf Carlson-Wee.

However, as of now, most of Kanye's previous tweets have been deleted, with only 7 tweets left on his X homepage and one tweet that retweets CZ content.

There are many doubts, is X account taken over?

Several crypto KOLs questioned that Kanye West 's X account may have been sold, and may be involved in the BarkMeta team that once operated crypto scam projects.

X user @doitbigchicago posted a statement that someone plans to launch Ye related tokens and plans to release them on the Solana chain. The project involves teams such as BarkMeta who have run fraud projects, who are suspected of taking over Ye's account and using their influence to promote tokens. Kanye may have sold the publishing rights of the X account for $20 million, and after deducting 15% of the management fee, he received $17 million.

Encrypted KOL @lokithebird also provides a number of doubts as evidence:

• Kanye abnormally follows a "doginal" account
• In terms of usage habits of tweet expressions, it is highly similar to BarkMeta
• Changes in light and dark settings of Kanye account

Early this morning, Kanye posted a message denied transferring or escrowing his account to BarkMeta, saying that Bark was just "a person who followed randomly before." He stressed that if cryptocurrency projects are launched in the future, they will be announced in a formal and clear manner.

Despite Kanye's public clarification, disputes over control of his account continue.

The character collapsed, and repeated "harvest"?

This is not the first time Kanye has "cut" users in the currency circle. In 2021, Kanye and his collaborators have released several peripheral NFTs:

• Kanye West single "Can U Be/Forever Mitus" is available in NFT
• Kanye West's body armor and NFT were sold for $50,000

However, in February 2022, Kanye suddenly stated on social media: " Stop letting me do NFT anymore." He claimed that he focused on real-world creations , such as food and clothing.

But just three months later, he applied for the Metaverse and NFT-related trademarks for his trendy brand Yeezus through his subsidiary, and even deleted previous negative remarks about NFT.

Perhaps, Kanye is such a capricious and profit-taking " businessman" .

Kanye’s coin issuance incident is becoming more and more like a carefully planned "open conspiracy" - everyone knows that this may be a capital game that uses traffic and influence, but there are still people who are willing to participate. Some people say that people should not go wherever they are fighting, while others say that if there is traffic and volatility, there is room for money.

Under the temptation of huge profits, the issuance of coins by celebrities seems to have evolved into a mature industrial chain, like a "fast sales" game: the profits earned in the short term often come from fresh followers and their unconditional trust in celebrities . However, this model lacks long-term value support and is more like an exploitation of the fan economy.

We cannot foresee how many celebrities will join this wave of coin issuance in the future, nor can we accurately judge the success or failure of these projects. For investors, being cautious about celebrity coins and avoiding blindly following hype may be the best strategy to avoid losses.

As for the subsequent development of the Kanye coin issuance incident, we are waiting for the official coin issuance this week.