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Rapper Ye shocked crypto markets by announcing a token named “Swasticoin” targeting Jewish investors first while planning to retain majority control.
The artist, formerly known as Kanye West, revealed the project through a series of now-deleted social media posts on February 23, 2025.
The announcement sparked immediate backlash from market experts and community leaders. Ye’s plan to keep 70% of tokens raises red flags about potential market manipulation, according to cryptocurrency analysts.
“I’m going to open the CA [contract address] for my Swasticoin to Jewish people and my friends and family first,” Ye posted on X, formerly Twitter. The message followed his recent controversies, including a Super Bowl commercial promoting merchandise with Nazi symbolism under the code “HH-01.”
Sources close to the project told CoinDesk the token might be rebranded as “YZY.” The name change would help circumvent restrictions placed on Ye’s Yeezy merchandise store by Shopify.
Ethereum co-founder Vitalik Buterin condemned the rising trend of controversial tokens in March 2024. Most provide only short-term hype with little utility, Buterin said, noting several openly racist meme coins on various blockchain platforms.
The token’s announcement triggered wider industry concerns. Solana Foundation’s head of strategy, Austin Federa, proposed new screening measures. “There could be some sort of in-app filtering to reduce these types of tokens,” Federa suggested.
Ye sought advice on blockchain networks from Binance co-founder Changpeng “CZ” Zhao, misspelling Solana as “Solona” while exploring options including Ethereum, BNB Chain, and Hyperliquid. His latest posts hint at larger ambitions: “Time to launch my own blockchain.”
The controversy emerges as meme coins dominate crypto markets. CoinGecko reports these tokens captured 31% of investor interest in 2024, with Solana-based meme coins alone accounting for 8% of market attention.
Earlier this month, Ye revealed turning down a $2 million offer to promote what he called a crypto scam targeting his 32.6 million followers. The scheme would have involved claiming his account was hacked after posting fraudulent promotions.
This launch follows other controversial tokens. A “Hitler Musk” token appeared on Pump.fun last month, while a “HITLER” token faced delisting in 2021, highlighting growing concerns about extremist content in decentralized finance.
