Kanye West's statement sparked controversy: denying Bark's association, cautiously planning for the future

Renowned artist Kanye West (now known as Ye) recently made a statement regarding the rumors in the Crypto Assets field, triggering widespread attention within the industry. He explicitly denied any association with the user ‘Bark’ and its related projects, and expressed caution about the potential risks in the encryption market. This statement not only clarified recent speculations about him, but also served as a warning against the common chaos in the encryption field. As a celebrity with huge global influence, Kanye’s remarks quickly sparked heated discussions within the encryption community and among investors.

Deny Bark association, beware of market chaos

Kanye explicitly stated on social media X that he does not know the user “Bark” and has not sold or entrusted his X account to the so-called “BarkMeta Doginals” in any form. It is reported that some messages claimed that Kanye had cooperated with the user Bark at a high cost and participated in promoting the project. There were even rumors that his social media account had been sold for a “release right” at a price of 20 million dollars. Faced with the spreading rumors, Kanye responded on social platforms with clear and decisive words: “These are all false news, I have no connection with Bark and its related projects.” In his statement, he emphasized that as a former victim of Cryptocurrency fraud, he remains highly vigilant in this field and holds a cautious attitude towards the frequent fraudulent activities in the market, and calls on the public not to blindly follow the investment trend.

Kanye’s statement not only involves debunking rumors, but also reveals his deep understanding of the potential risks in the entire crypto market. It is reported that he had received a promotion scam scheme of up to $2 million, with the specific modus operandi being to first pay $750,000 to promote a certain fake token, then create the illusion of the account being ‘hacked,’ and subsequently collect the remaining funds at a later time, thereby manipulating market sentiment and deceiving fans’ funds. In response to this plan, Kanye clearly stated his refusal and warned other investors to be vigilant through a public statement, to avoid falling into similar scams.

Market reaction: Investor confidence is being tested

Kanye’s statement has an immediate impact on the crypto market. Recently, a meme coin named $YZY experienced price fluctuations due to rumors related to Kanye, but quickly plummeted after Kanye’s denial. Similar tokens like ‘Ye’ reportedly dropped in value by as much as 65% to 89% after debunking, demonstrating the market’s sensitivity to celebrity endorsements. Kanye later stated, ‘I will launch my own token next week,’ which is seen as a warning to fraudulent projects and also hints at his further plans in the encryption field.

In recent years, celebrities’ involvement in encryption projects has often been able to drive up enthusiasm. For example, the $TRUMP token launched by the US President Donald Trump was once sought after due to its influence. However, Kanye’s denial may have put projects relying on his popularity at risk of trust crisis, which may affect investors’ enthusiasm for similar tokens in the short term.

Future Plan: $YZY Token Begins to Emerge

Despite denying any existing project affiliations, Kanye has not completely given up his interest in Cryptocurrency. In his statement, he mentioned the launch of his own token $YZY and plans to advance in a more transparent manner. According to CoinDesk, $YZY may be linked to Kanye’s Yeezy brand, with most of the tokens being held personally by him. This plan is interpreted as his attempt at digitizing his business empire, especially in the new layout after his disengagement from mainstream platforms (such as Shopify).

However, this idea has also sparked discussion. Kanye briefly mentioned “Swasticoin” as the token name, which sparked strong controversy within the community due to its sensitivity. While it’s unclear if this is the official name for $YZY, the episode has raised questions about the seriousness of its plans. Analysts point out that transparency and execution details will be key if Kanye wants to earn the trust of the market.

Industry Impact: or drive regulatory discussion

Kanye’s statement is not only a personal attitude expression but may also have a broader impact on the encryption industry. His cautious stance may prompt other celebrities to participate more cautiously in encryption projects to avoid similar controversies. At the same time, the market’s demand for transparency and compliance may be further highlighted by this event. In the recent meme coin frenzy, the phenomenon of ‘rug pull’ has been frequent, and Kanye’s remarks sound the alarm on this issue.

The encryption community has begun to discuss how to protect investors through verifiable information, and Kanye’s future actions may become a case study of balancing celebrity effects and responsibilities. His statement provides an opportunity for the industry to reflect: fame can ignite the market, but sustainability still needs to be built on trust.

Kanye West’s Cryptocurrency statement is not only a clarification of his personal stance, but also injects a new point of discussion into the market. His denial and commitment may cause fluctuations in the short term, but in the long run, this may be an opportunity to promote more standardized development in the encryption field. The success or failure of the $YZY token will depend on its subsequent execution, and for investors, Kanye’s story reminds people that rational judgment is the key to dealing with the crypto market behind the celebrity halo.