Kanye West recently shared details of an alleged offer to endorse a fraudulent memecoin for a substantial payment, raising serious concerns about the prevalence of scams in cryptocurrency promotions. This incident mirrors similar behavior in the industry, such as Argentinian President Javier Milei’s accidental promotion of a worthless token. Both cases showcase the ethical problems and financial risks in the crypto market, urging caution among potential investors who may fall victim to such schemes.
The proposed deal said that Kanye would write a post promoting 'a fake ye currency'-a memecoin, also known as a shitcoin-and after eight hours, he would be allowed to post that his account was hacked and that the promotion was fake.
Whether the offer was real or not, it reflects a standard deal of a kind that's executed sub rosa every day in the scamming-as-a-service crypto economy.
Milei's post had touted the token, $LIBRA, which was spun up hours earlier on a platform associated with crypto scammers, as 'dedicated to boosting the growth of the Argentinian economy by funding small businesses'.
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