Ye Says His Instagram Was Hacked After He Launched Crypto Coin

Ye is speaking out after his foray into the world of cryptocurrency was interrupted by hackers.

The controversial artist recently launched his new Solana meme coin, "YZY MONEY," and began to spread the word via the coin's new social handles. On Tuesday, August 26, Ye hopped on X to warn his 33.1 million followers that his Instagram account was infiltrated by hackers who promoted a fake coin called "yzytoken." He also provided the authentic Solana contract address.

“My Instagram has been hacked and it’s following a fake coin," Ye wrote. The official project is @YZY_MNY. DrZ26cKJDksVRWib3DWsjo9 eeXccc7hKhDJviiYEEZY."

This is the first time the artist formally known as Kanye West has launched a cryptocurrency project under his name and likeness. He initially scoffed at the idea and even sued the creators known as "Coinye West" in 2014. Earlier this year, he told fans that he passed on a $2 million offer to be a part of a faux cryptocurrency promotion that called for him to post about it to his millions of followers, then claim his account was hacked hours later.

“I was proposed 2 million dollars to scam my community," Ye said in a now-deleted X post. "Those left of it. I said no and stopped working with their person who proposed it."

Following the success of previous imposter coins, Ye's actual coin debuted at a nearly $3 billion fully diluted value (FDV), per Decrypt. However, it recently dipped 81 percent, with some traders losing over $1 million.

Ye's Instagram appears to be back in his control now. The fake meme coin's account has disappeared from his follower list, and the faux posts have been removed.