Rapper Kanye West, legally known as Ye, reportedly sold his X (formerly Twitter) account for $17 million to Barkmeta, a controversial crypto figure. The move precedes rumours of a meme coin launch, fuelling speculation about potential fraud. Industry watchdogs warn investors to brace for a possible “rug pull,” citing Barkmeta’s history of scams.
Who is Barkmeta?
Barkmeta, a Doginals trader linked to the acquisition, faces accusations of orchestrating crypto scams. In 2022, he allegedly engineered the POX token rug pull. Later, his DeFiApes NFT project collapsed after raising $40 million, erasing 90% of investor funds. On-chain analyst Blade claims Barkmeta runs “the biggest Twitter scams,” leveraging his 200k-strong audience to manipulate markets.
Ye’s Social Media Activity
Blade highlights abrupt changes in Ye’s X account behavior. Posts now aggressively promote crypto, starkly contrasting earlier content. The account also followed Barkmeta associate “Tall,” suspected to be Barkmeta’s alias. During a Twitter Space, Barkmeta hyped Ye’s project as “the biggest meme coin” but dodged critical questions, deepening scepticism.
Cardano Partnership Rumors
Cardano’s Charles Hoskinson swiftly denied ties to Ye’s crypto plans. In a video statement, he clarified, “Kanye West isn’t launching anything on Cardano.” Hoskinson criticised the venture as a potential scam, stressing Cardano avoids “drama.” He confirmed Ye’s team sought blockchain support but claimed no “serious” developers would collaborate.
YZY Token
Sources claim Ye planned to launch “YZY,” a token reserving 70% of supply for himself. Allegedly designed to bypass platforms like Shopify, which cut ties over antisemitic remarks, the project now faces scrutiny. Meanwhile, Barkmeta’s AB84 account promoted “Yeezy Coin,” which rug-pulled hours after launch. Users warn the official coin could mirror this scam
Ye Statements
Despite Ye’s denial, “This is fake; I don’t know this person,” Barkmeta joked about controlling his X account. A leaked image showed two phones: one logged into Ye’s account, the other into Barkmeta’s. Analysts argue the account’s shifted tone and crypto-centric posts suggest a 95% likelihood of sale.
Crypto Community Urges Caution
Influencers like Loki The Bird urge investors to avoid Ye’s token, calling it a “large-scale scam.” Meanwhile, Cardano’s ADA remains stable at $0.74, unaffected by the controversy. Hoskinson reiterated Cardano’s focus on “serious” projects, distancing itself from volatile celebrity ventures.
High Risk Overshadows Hype
While Ye’s crypto ambitions remain unconfirmed, Barkmeta’s involvement casts a long shadow. With rug pull precedents and erratic social media activity, experts unanimously advise caution. As speculation peaks, the saga underscores crypto’s vulnerability to celebrity-driven scams and the vigilance needed to navigate them.
Written By Fazal Ul Vahab C H
