After Years of controversy, Kanye West, now referred to as Ye, has spent his time in the news again, but it’s in the Crypto world this time. The famous rapper and entrepreneur has revealed his plans to create a blockchain of his own and introduce two new digital tokens to the world namely “Swasticoin” and “$YZY.”
In a series of social media posts, Ye, telling how he wanted to build his own financial system to use rather than using existing cryptocurrencies. He mentioned the blockchain networks that are used most like ethereum, Solana and BNB chain, but wasn’t sure which to use. Some propose that he could create his own network that they suggest could be called YZYCHAIN.
But Ye’s announcement quickly proved to be controversial. He caused backlash among people for choosing the name “Swasticoin,” as the word “swastika” is associated with Nazi Germany. He recently sold T-shirts with similar imagery, and people have criticized him for using offensive symbols. However, he went on to post, alleging that other meme coins are “fake” and, “only broke boys rug pull,” a term for when developers rip off investors to make a quick profit and then leave with the money.
There are also reports that Ye will retain 70% of the supply of the $YZY token to himself, leading to a fairness concern. In fact, some crypto community members suspect that Ye has sold or rented his social media account to promote these coins.
Swasticoin and $YZY haven’t launched yet, but Ye says the token will be available soon. We’ll have to see if he truly follows through on that or if this is just another stunt.
Also read: Bybit CEO Ben Zhou Slams Pi Network as a Scam, Refuses to List Token!
