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.