Kanye West faced scrutiny after launching YZY Money despite previously rejecting a $2 million crypto deal to avoid scamming his community.
Kanye West ignited a frenzy Wednesday (August 20) after launching his Solana-based cryptocurrency YZY Money, drawing backlash from critics who say the move contradicts his own warnings about celebrity-backed coins.
West introduced 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 immediate skepticism from crypto watchers and longtime supporters, many of whom recalled West’s earlier stance against digital currency schemes.
Back in February, West publicly rejected a $2 million offer to attach his name to a crypto project, saying he wouldn’t “scam my community” and also warning that “coins prey on the fans with hype.”
That statement resurfaced across social media as users questioned whether West had reversed course or lost control of his account.
“The official Yeezy token just dropped,” West said in a video posted on his X (Twitter) account, directly addressing speculation that his account had been compromised. The post included a link to the YZY Money website.
The YZY ecosystem includes a trio of offerings: the YZY token, a payment platform called Ye Pay, and a YZY Card for spending both YZY and USDC globally. The token is now accepted on West’s official Yeezy online store as a payment method for merchandise.
According to the YZY Money site, the coin is “not intended to be an investment opportunity” and should be viewed as a symbolic “expression of support.”
Kanye West Previously Claimed He Was Offered $2 Million For Crypto Scam
Still, critics drew comparisons to other celebrity crypto flops, accusing West of participating in what some called a “pump-and-dump” scheme.
YouTuber Coffeezilla, known for investigating influencer scams, highlighted West’s past remarks. “He was offered £2m to scam his community,” Coffeezilla reminded viewers, pointing to the contradiction between West’s February comments and his current promotion.
Market reaction was chaotic. Forbes reported that YZY Money skyrocketed nearly 1,000% within minutes of launch, briefly reaching a $3 billion market cap before plummeting below $1 billion just hours later.
West has not issued further comment beyond the promotional video.