Singer Kanye's coin issuance: His attitude is reversed and his account is suspected of selling, is another careful 'harvest”?

Kanye West's cryptocurrency mystery: the game between traffic, capital and "harvest"

Recently, the actions of the rap king Kanye West (now named Ye) in the cryptocurrency field have caused an uproar, from publicly boycotting the Meme coin scam to suspected preparation of YZY tokens, to suspected X account being sold, their behavior is full of contradictions and doubts. Is he a victim of the celebrity effect or the trader behind this capital game? This article will conduct in-depth analysis of Kanye’s coin issuance storm and unveil this fascinating play on the world of traffic, capital and crypto.

Kanye West is a legend in the music, business and fashion industry, has won 24 Grammy Awards and was twice selected as one of the top 100 figures in Time magazine. Not only did he change the hip-hop industry, he also became the richest man in the United States with a net worth of $6.6 billion. Even in January this year, Eton Venture Services' net assets remained as high as $2.77 billion.

From boycotting fraud to ending in person?

On February 8, Kanye posted a post on X platform that revealed that someone invited him to promote Meme coins for a fraud for $2 million, and publicly refused. At that time, he made a tough statement that he would not issue tokens, but only focused on products and careers he loved, and criticized the token for using hype to deceive fans. This move once won him positive reviews in the crypto community and was regarded as a clean stream of the industry.

However, the plot took a sharp turn.

Last Friday, CoinDesk reported that Kanye was preparing for a crypto token called YZY, of which Kanye will hold 70% of the share, with liquidity supply accounting for 10% and investors accounting for 20%. YZY tokens will be used as the official currency of the Yeezy brand for website payments.

This inconsistent behavior has caused strong doubts and criticism from the crypto community.

Confused operations are constantly

YZY token storm continues to ferment, Kanye posted several tweets about cryptocurrencies on the X platform, one of which even hints about the launch of a token called "Swasticoin" and claims to be open to Jews and friends and relatives first. He also frequently reposted tweets from Binance founder Changpeng Zhao (CZ), and followed CZ for a time, and then unfollowed CZ and turned to Olaf Carlson-Wee, founder of Polychain Capital, whose operations are puzzling. Currently, most of the related tweets have been deleted.

There are many doubts: X Account taken over?

Multiple encryption KOLs questioned that Kanye’s X account might have been sold, and the BarkMeta team that once operated crypto scam projects may be involved. It is reported that someone plans to use Kanye’s account to promote Ye-related tokens on the Solana chain and may acquire Kanye’s X account publishing rights for $20 million.

Encryption KOL @lokithebird also pointed out many doubts, such as Kanye's abnormal follow-up account, and his tweet expression style is similar to BarkMeta.

Although Kanye himself denied transferring or entrusting his account to BarkMeta, the dispute continues.

The character collapsed, and it was repeatedly "harvested"?

This is not Kanye’s first entry into the crypto space and has sparked controversy. In 2021, he released several peripheral NFTs, but in February 2022 he publicly stated that he would no longer participate in the NFT project. Three months later, he applied for the Metaverse and NFT-related trademarks for his trendy brand and deleted previous negative remarks.

Kanye's behavior seems to confirm that he is a capricious, profit-seeking "businessman".

Kanye's coin issuance incident is more like a carefully planned "open conspiracy". Although the risks are obvious, there are still people who are willing to participate. Under the temptation of huge interests, celebrities' coins issuance has formed a mature industrial chain. Short-term profits often rely on followers' blind trust in celebrities, lack of long-term value support, and is more like an extraction of the fan economy.

For investors, it is wise to be cautious about celebrity coins and avoid blindly following the trend. As for the subsequent development of the Kanye coin issuance incident, we will wait and see.

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