Kanye West Faces Backlash Over Swasticoin Plans

[BADERO]

Kanye West, now known as Ye, has caused a stir with his announcement to launch a cryptocurrency token called Swasticoin his social media posts, including antisemitic remarks and offensive slurs, drew heavy criticism. Ye stated that the token would launch “next week” and claimed it would be open to “Jewish people and my friends and family first.” He also mentioned other blockchain networks like Ethereum, Solana, and BNB Chain in his posts.

Reports now suggest that Ye is also working on a token named YZY, which he intends to use to bypass Shopify’s censorship of his Yeezy store. Sources claim Ye plans to keep 70% of the token’s supply for himself, echoing his past financial strategies involving controversial merchandise.

Despite immediate backlash from the community, Binance’s CZ distanced himself from the situation, and Community Notes on X flagged Ye’s posts as potential scams. Some users even alleged that Ye sold access to his account to known crypto scammer Christian Barker.

Ye denied the accusations, posting a video with Polychain Capital’s Olaf Carlson-Wee to assert that he controls his account. He continued promoting Swasticoin, claiming growing interest. He also made a controversial remark, stating, People who didn’t like the Nazi posts hitting me up for the CA on my Swasticoin.

The rise of similar controversial tokens, such as “Hitler Musk” and “HITLER,” has led to calls for more content moderation on decentralized platforms. Ethereum co-founder Vitalik Buterin and industry leaders have criticized such projects, suggesting filtering offensive tokens from exchanges, though this remains a challenge due to the open nature of blockchain.

Despite Ye’s claim that Swasticoin will launch soon, skepticism remains, given his history of inflammatory rhetoric. His recent post simply read, “Time to launch my blockchain,” leaving the future of his crypto venture uncertain.


https://thenewscrypto.com/kanye-west-faces-backlash-after-announcing-swasticoin-token/

[coin-investor]

The rise of similar controversial tokens, such as “Hitler Musk” and “HITLER,” has led to calls for more content moderation on decentralized platforms. Ethereum co-founder Vitalik Buterin and industry leaders have criticized such projects, suggesting filtering offensive tokens from exchanges, though this remains a challenge due to the open nature of blockchain.

Its the investors who go for projects like this that should be blamed; developers will stop creating offesive coins like you've mentioned if these greedy profit-driven investors will not invest, shill, and create a FUD on these types of coins.
Its an open market, and it will persist because bad actors are part of the industry, whether we like it or not.

Despite Ye’s claim that Swasticoin will launch soon, skepticism remains, given his history of inflammatory rhetoric. His recent post simply read, “Time to launch my blockchain,” leaving the future of his crypto venture uncertain.

Maybe he is just testing the water to see if it will gain support for the project he is about to launch; he doesn't want to see his project a failure, so he is doing this, but it will be ignored because he is like a boy who cried wolf; people will treat his words as another lie.

[Ketchup2]

Kanye West is someone whose actions and opinions are quite unpredictable. Especially lately, he's completely gone off the rails. By launching a coin like this, he seems to be trying to make some quick profit. Since he himself stated that he would hold 70% of the coin, the possibility of a rug pull is very high. I won't be investing in this coin.

[el kaka22]

Honestly, what he does isn't really what you would expect from a normal person these days anyways, so it's fine that we are not seeing it do that much of a big deal. We can see that he has some mental issues, sure he has influence and he is doing a lot of terrible things while being followed by a lot of people as a celebrity, but he doesn't look or sounded like some normal person at all, he looks like he is having a mental breakdown.

So at the end of the day, we need to realize that things won't be that easy and we can make this move on and not really be worried at all. Things aren't obviously that easy and we can make this go on for a longer term as well. If we can ignore him, we would be doing the best work for ourselves.

[Hispo]

Just garbage for the sake of behaving as garbage, to be honest. Even if this project indeed launches soon, it won't be nothing but a pump and dump scheme of the same nature we have already seen so many times with the market of alternative currencies.
Ye has devolved from being a respected musician and business person to being a mockery of what a black Nazi looks like.
He fact he openly tries to scam their fans and early investors only shows she does not have any empathy left for them and only seek to be as controversial as possible and taking some money in the way as well.

[Dave1]

Kanye West is someone whose actions and opinions are quite unpredictable. Especially lately, he's completely gone off the rails. By launching a coin like this, he seems to be trying to make some quick profit. Since he himself stated that he would hold 70% of the coin, the possibility of a rug pull is very high. I won't be investing in this coin.

That is Kanye's personality, he is eccentric and that's why he is unpredictable and you don't know what he is going to do or say in the public. However, we still have control though, simply put, if you don't support him then do not buy with his plans to launch his coins.

And yes, as we have seen before, there are a lot of this personality or meme coins that will do rug pulls.

For sure others have heard of the President of a certain country that promoted a project and then it was a obvious scam and now there are talks of him being impeach as the President of that country.

[TastyChillySauce00]

an obvious rug on the making.

I mean, kanye west has been trying to garner attention through his twitter account lately it seems it's for this, to rug people and turn his follower into capital.

Kanye West is someone whose actions and opinions are quite unpredictable. Especially lately, he's completely gone off the rails. By launching a coin like this, he seems to be trying to make some quick profit. Since he himself stated that he would hold 70% of the coin, the possibility of a rug pull is very high. I won't be investing in this coin.

70% total supply in the hand of someone so unstable like kanye is wild, literally all the red flag is there, if people still bought the shitcoin, they really gonna be giving away their money.

[judeafante]

The rise of similar controversial tokens, such as “Hitler Musk” and “HITLER,” has led to calls for more content moderation on decentralized platforms. Ethereum co-founder Vitalik Buterin and industry leaders have criticized such projects, suggesting filtering offensive tokens from exchanges, though this remains a challenge due to the open nature of blockchain.

This has been going on for many years already, not only controversial tokens but tokens that are obviously scams and defamatory, yet some people continue to support these tokens for profit and for some developers to advertise their philosophy and culture. I guess we will have to live with these controversial tokens because anyone can create a token of their own name and features. We responsible community should not partake of these controversial tokens, not even mention them.

[Hispo]

an obvious rug on the making.

I mean, kanye west has been trying to garner attention through his twitter account lately it seems it's for this, to rug people and turn his follower into capital.

Though, there is something I don't fully understand about this alledged rug pull he is forming to keep all the money invested by his remaining fans. When scammers try to attract victims to rull pull them, they usually make their projects as attractive as possible and focus on their advantages when compared to other tokens or coins in the market. Ye has not done any of that, instead, he has literally linked his project to national socialism, in detriment of the number of possible investors or victims.
He cannot stop being a black Nazi even when his intentions are to scam as much money as possible from the crypto-currency community.

[oktana]

With the speculations ongoing with selling his X? I’d barely delve into it. Goodluck to those who buy.

[avikz]

So in short, Kanye is able to market his upcoming coin successfully. Now a lot of people talking about it, abusing it but can't ignore it. I must say Kanye is a great marketing person then.

I am not sure how the coin actually would be. I assume it will be another shitcoin like million others. But it may see some success due to the celebrity backing. Good luck to the buyers.

[moneystery]

whoever wants to buy that shitcoin, i feel like he is just as stupid as kanye west. that guy is just messed up in his head. he is basically just a crazy person with popularity in his hands. anyone who trusts someone with that personality is basically throwing their money away.. and i dont think that coin has a future, its just a game and it will end up like all the other memecoins and become trash.

[DeathAngel]

It’s a deplorable thought that he could bring this coin out. I dunno if he is on drugs or going insane but some of his outbursts & public appearances are really weird lately. Obviously nobody should be buying this crap if he brings it out for many reasons.

[justdimin]

The rise of similar controversial tokens, such as “Hitler Musk” and “HITLER,” has led to calls for more content moderation on decentralized platforms. Ethereum co-founder Vitalik Buterin and industry leaders have criticized such projects, suggesting filtering offensive tokens from exchanges, though this remains a challenge due to the open nature of blockchain.

This has been going on for many years already, not only controversial tokens but tokens that are obviously scams and defamatory, yet some people continue to support these tokens for profit and for some developers to advertise their philosophy and culture. I guess we will have to live with these controversial tokens because anyone can create a token of their own name and features. We responsible community should not partake of these controversial tokens, not even mention them.

I agree with this, most of the controversial ones have no name behind it, we do not know who is the one creates it, and they are getting away with it, no punishment at all.

However, this one is different, it's a famous person, I do not believe he will actually do it by the way, he is just liking saying controversial stuff, he is liking the attention he is getting and there are some morons who like to follow him so that's all he is doing. He is not actually doing anything to hurt the world thankfully, he is only "talking", I mean mostly tweeting of course but you know what I mean. This has to be the most important part of it and if we can make this a bigger deal, then we are giving him the attention that he craves.

[jstyler]

I'm curious to know how ppl would react if Ye was a well-respected academic or a Nobel laureate instead of a famous musician, would they be as quick to dismiss his views and his token? It's not just about the token itself, but also about the attention and the platform it gives him to spread his ideals, whether we like it or not.

[nelson4lov]

I'm curious to know how ppl would react if Ye was a well-respected academic or a Nobel laureate instead of a famous musician, would they be as quick to dismiss his views and his token? It's not just about the token itself, but also about the attention and the platform it gives him to spread his ideals, whether we like it or not.

It's not that. The reason why people are quick to dismiss him is due to the fact that ALL celebrity tokens have all trended towards zero. Most (like 99%) are at -99%. So even if he does release the token, it would get short term hype for sure but will eventually grind to an inevitable -99% before proceeding to 0.

[Reynaldo]

The real issue isn't about silencing him it's about the responsibility exchanges have in listing tokens that are clearly designed to profit off hate symbolism. The decentralized nature of crypto doesn't mean we should abandon all standards.

[Hispo]

The real issue isn't about silencing him it's about the responsibility exchanges have in listing tokens that are clearly designed to profit off hate symbolism. The decentralized nature of crypto doesn't mean we should abandon all standards.

In the end of the day exchanges are private companies which are free to list whatever they want and they put their cons and pros on a scale to see whether it is convenient for them to list anything. In the case of this coin by Ye, it would be clearly controversial and I am sure most exchanges had already foreseen backlash by the crypto community if the case they decide to list these assets, my guess is some small exchanges who would love to take advantage of this whole situation will indeed list it and take some profit from fees, disregarding their reputation, because they already lack of one, for being shady and small institutions.

Obviously, Binance, Kraken and Coinbase are going to stay as away as possible from that coin in order to keep their PR intact.

[aioc]

Despite Ye’s claim that Swasticoin will launch soon, skepticism remains, given his history of inflammatory rhetoric. His recent post simply read, “Time to launch my blockchain,” leaving the future of his crypto venture uncertain.

Ye is one of the most controversial personalities in the industry where he belongs, and he is bringing his personality into the cryptocurrency community; this guy is just riding the hype to satisfy his hunger for fame; he is facing a lot of legal troubles, and he loves these troubles because he loves controversies; he is really one different breed, just check out some of the troubles he is in.

The rapper is facing more than a dozen lawsuits from ex-Yeezy employees, teachers at his failed Donda Academy, musicians claiming sampling disputes and a sexual harassment claim from a former assistant

Kanye West’s Legal Troubles: Nazi Taunts, Sexual Assault Claims and Music Disputes

[CroverNo01]

So in short, Kanye is able to market his upcoming coin successfully. Now a lot of people talking about it, abusing it but can't ignore it. I must say Kanye is a great marketing person then.

I am not sure how the coin actually would be. I assume it will be another shitcoin like million others. But it may see some success due to the celebrity backing. Good luck to the buyers.

I take my time to understand and study the market. Crypto space is becoming crowded, don't you think? Anyone with the right tools and finance can wake up one morning and having a thought of innovating his coin in the market. I'll urged the public to stay off these projects that originate from celebrities, their chances of exploring in the system is under probability, not everyone can stand the sight of topping measurable losses. Kanye West is popular rapper, he's not different from the rest. He's only here to attain in generating profits, nothing more does matters.