Ye, the artist formerly known as Kanye West, has stirred controversy once again, teasing the launch of a cryptocurrency token dubbed “Swasticoin.”
In a series of now-deleted social media posts on Saturday, Ye announced plans to release the token next week, marking a sharp reversal from his previously stated criticism of similar projects for exploiting fans with hype.
“I’m going to open the CA [contract address] for my Swasticoin to Jewish people and my friends and family first,” he wrote, furthering a string of recent offensive remarks targeting the Jewish community. Despite the backlash, Ye has remained unapologetic, raising alarm across various platforms.
According to Ye’s posts, the token will prioritize availability to Jewish people, friends, and family.
Ye Claims ‘Swasticoin’ Token Will Prioritize Jewish Community, Friends, and Family
Ye reposted one of Zhao’s comments about the usability of decentralized exchanges, prompting CZ to react with surprise at Ye’s massive following, which reportedly surged after the interaction.
In addition to revealing the token, Ye sought input on blockchain networks such as Ethereum, Solana (misspelled as “Solona” in his posts), BNB Chain, and Hyperliquid.
According to these sources, Ye plans to retain 70% of the token’s supply for himself, raising concerns about centralization and potential regulatory scrutiny.
While Ye publicly refers to the token as “Swasticoin,” sources close to the artist told CoinDesk that the project may instead be named “YZY” and aims to bypass Shopify’s restrictions on his Yeezy merchandise store.
The scheme reportedly involved West posting a fraudulent crypto promotion to his 32.6 million followers and later claiming that his account had been hacked—by which time victims could have already lost significant sums.
Earlier this month, Ye revealed that he turned down a $2 million offer to participate in an alleged crypto scam targeting his fan base.
This isn’t Ye’s first brush with controversy over Nazi-associated symbols. Recently, he faced widespread condemnation after selling t-shirts featuring a swastika under the product code “HH-01,” allegedly referencing “Heil Hitler.”
The study, which analyzed site traffic from January 1 to December 21, revealed that 31% of crypto-related searches centered around these highly speculative tokens. Among the various trends, the “main meme coin narrative” alone accounted for 15% of interest, a notable increase of over six percentage points from 2023.
Meme coins dominated the crypto landscape in 2024, capturing nearly a third of investor interest, according to a CoinGecko report.