Kanye West confronted scrutiny after launching YZY Money regardless of beforehand rejecting a $2 million crypto deal to keep away from scamming his group.

Kanye West ignited a frenzy Wednesday (August 20) after launching his Solana-based cryptocurrency YZY Money, drawing backlash from critics who say the transfer contradicts his personal warnings about celebrity-backed cash.

West launched the token with an announcement on social media. “YEEZY MONEY IS HERE,” he tweeted. “A NEW ECONOMY, BUILT ON CHAIN.”

But the rollout was met with instant skepticism from crypto watchers and longtime supporters, lots of whom recalled West’s earlier stance towards digital forex schemes.

Back in February, West publicly rejected a $2 million provide to connect his identify to a crypto undertaking, saying he wouldn’t “scam my community” and in addition warning that “coins prey on the fans with hype.”

That assertion resurfaced throughout social media as customers questioned whether or not West had reversed course or misplaced management of his account.

“The official Yeezy token just dropped,” West mentioned in a video posted on his X (Twitter) account, immediately addressing hypothesis that his account had been compromised. The publish included a hyperlink to the YZY Money web site.

The YZY ecosystem features a trio of choices: the YZY token, a cost platform known as Ye Pay, and a YZY Card for spending each YZY and USDC globally. The token is now accepted on West’s official Yeezy on-line retailer as a cost technique for merchandise.

According to the YZY Money website, the coin is “not intended to be an investment opportunity” and ought to be considered as a symbolic “expression of support.”

Kanye West Previously Claimed He Was Offered $2 Million For Crypto Scam

Still, critics drew comparisons to different celeb crypto flops, accusing West of collaborating in what some known as a “pump-and-dump” scheme.

YouTuber Coffeezilla, recognized for investigating influencer scams, highlighted West’s previous remarks. “He was offered £2m to scam his community,” Coffeezilla reminded viewers, pointing to the contradiction between West’s February feedback and his present promotion.

Market response was chaotic. Forbes reported that YZY Money skyrocketed practically 1,000% inside minutes of launch, briefly reaching a $3 billion market cap earlier than plummeting beneath $1 billion simply hours later.

West has not issued additional remark past the promotional video. 

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