Charles Hoskinson Dismisses Rumors Linking Kanye West to a Proposed Token Launch on the Cardano Blockchain

Cardano founder Charles Hoskinson has categorically dismissed rumors linking hip-hop artist Kanye West, now known as Ye, to a proposed token launch on the Cardano blockchain.

Cardano founder pours cold water on Kanye West token launch rumors

Cardano founder Charles Hoskinson has flatly denied rumors that hip-hop artist Kanye West, now known as Ye, is set to launch a token on the Cardano blockchain.

In a brief video posted on X (formerly Twitter) on Sunday, Hoskinson addressed speculation that Ye might be rolling out a cryptocurrency project under Cardano’s wing.

However, the Cardano founder quickly dismissed the rumors, stating that Ye is "not going to launch something on Cardano." He went on to say that it "doesn't even look like he’s actually doing anything of value." Hoskinson also pointed out that Ye appears to have sold his Twitter account for $17 million, which is notably lower than the $44 billion that Elon Musk paid to acquire the platform.

"Even if he didn't [sell his account], I don't think we want that. It’s too much drama. Cardano is a serious project. We’re not a launching place for these types of things. Thank you all for the drama for the weekend, but I don't think there's any Kanye at all."

As previously reported by Cointelegraph, three sources close to Ye’s circle claimed that the artist was planning to release a token named YZY. According to these sources, 70% of the token's allocation would be reserved for Ye, with 10% going toward liquidity provisioning and 20% set aside for investors.

The sources added that YZY would serve as a means for Ye to bypass mainstream payment and e-commerce platforms such as Shopify, which cut ties with him in response to recent antisemitic statements and other hate-filled rhetoric. Ye's moves in the crypto space are seen by some as a potential lifeline after he was dropped by key partners, including Adidas and Balenciaga, for praising Adolf Hitler and making repeated antisemitic remarks in live interviews and on social media.

In parallel with talk of Ye’s crypto ambitions, whispers circulated that the artist sold his personal X account for $17 million to a memecoin group known as @barkmeta, presumably to facilitate a large-scale scam. Crypto influencer, Loki The Bird (@lokithebird), fueled the speculation by writing: “Kanye West sold his account to the BarkMeta Doginals crew for $17M—they’re gearing up to scam the entire space. Share for awareness and save Web3.”

There was also an image circulating, showing two phones allegedly logged into @barkmeta and @kanyewest simultaneously. However, Ye swiftly denied any involvement with these individuals or any sale of his account, stating, “This is fake, I don’t know this person.”

Hoskinson’s dismissal of any official connection to Ye underscores Cardano’s broader commitment to maintaining its position as a “serious project.” While the open-source nature of blockchain technology means that permission is not strictly required to build on Cardano, Hoskinson clarified: “He wants money and help to launch it. No one serious in Cardano is going to do it,” effectively closing the door on any partnership.

At press time, ADA trades at $0.74, down 3.2% over the past 24 hours but up 16.3% over the past 30 days.