Kanye West Reveals A Trick Used To Scam Crypto & NFT Traders

Disclosure

Updated: 08 February 2025

The information provided on Inside Bitcoins is for educational and informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency markets are highly volatile, and investing in digital assets carries significant risk. No profits are guaranteed, and you may lose some or all of your investment. Always invest responsibly and only with funds you can afford to lose.

Join Our Telegram channel to stay up to date on breaking news coverage

Hackers and scammers are relentless in attacking crypto and non-fungible token traders and are now using new and old techniques to steal money and digital assets. In a shocking revelation, Kanye West, an American rapper, musician, and record producer, has revealed he rejected a $2 million offer to promote a cryptocurrency scam, which involved posting a fraudulent promotion and later claiming his account was hacked.

Scam Trick Targeting NFT And Crypto Traders Revealed

In a February 8 blog post, the American high-profile rapper revealed how an unidentified person proposed to him $2 million to defraud his community on X. Kanye West, better known as ‘Ye,’ is one of the most prominent figures in the hip-hop industry. He is known for his varying musical style and polarizing cultural and political commentary. He has more than 32.6 million followers on X, including millions of crypto and non-fungible token collectors.

Kanye West exposing the celeb memecoin fraud wasn’t on my list pic.twitter.com/GFpAO74CkA

— okHOTSHOT (@NFTherder) February 8, 2025

During a special interaction on X (formerly Twitter), Ye exposed how an anonymous user on X offered him a $2 million offer to promote a cryptocurrency scam. The scam deal just required Kanye West to post a fraudulent promotion and later claim that his account was hacked. By that time, massive traders among his 32 million followers and more other X users could have already lost significant sums of money.

According to Ye, the scammer promised him an upfront payment of $750,000 to share the crypto promotion and keep it live for 8 hours, after which he could claim his account was hacked and that he didn’t make the post. This would be followed by a $1.25 million payout 16 hours later. The fraudulent company asking him to do this would have scammed the public tens of millions of dollars.

How To Avoid Celebrity-backed Crypto Scams

To avoid this type of scam, non-fungible token collectors on X are advised to conduct thorough research into the seller, the NFT and crypto products, and celebrities promoting them. Moreover, always use a secure wallet and reputable NFT marketplaces to buy and sell NFTs and coins to protect your devices against malicious sites and links. In the past several years, NFT traders have lost millions of dollars from scams.