When It Pays To Be Antisemitic: The Disturbing Rise Of On-Chain Jewish Hate

The cryptocurrency space has long been associated with innovation, decentralisation and volatility, with the absence of traditional oversight. While this has fostered creativity and financial freedom for some, it has also enabled the growth of dangerous and exploitative projects. 

A particularly disturbing trend has emerged in recent months; the creation and promotion of explicitly antisemitic cryptocurrencies or tokens, that not only espouse hate, but also serve as financial scams targeting followers. 

These are real tokens, launched on major blockchains, promoted by influential figures on platforms like X and used to monetize extremist narratives under the guidance of financial empowerment. 

Monetising Anti-Jewish Extremism 

The Nominis Research team discovered a number of these tokens, which have been allowed to thrive on-chain, despite having clear antisemitic intentions. 

One of the most high-profile cases was the launch of $JPROOF, a token promoted by well-known far-right conspiracy theorist and prolific antisemite Stew Peters. Peters, whose bio on X is simply ‘$JPROOF’, regularly references antisemitic conspiracy theories. After growing a large following of like-minded individuals with extremist ideologies and recognising the potential for financial gain, Peters launched a token, promoted it to his audience, and then allegedly executed a rugpull, draining the liquidity and defrauding his own followers. The irony here is stark: a social media personality profited off of hate, only to betray the very individuals who supported the project. 

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An additional example is the now-defunct $JEWS token, which was built on the Solana Chain. Following its collapse caused by a rugpull, a pseudonymous X user known only as ‘Lord Spaghetti’ falsely claimed that the project was operated by Jewish people, and had deliberately defrauded others with the intention to steal from non-Jews; a grotesque distortion that revives long-standing antisemitic tropes. The token’s failure does not just represent financial loss, it became a platform for ideological misinformation and hate speech on social media, which had gone un-noticed. 

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One reply to the above tweet by ‘Lord Spaghetti’ was this image:

Other tokens have pushed the boundaries even further. $Al Qassam is a coin named after the military wing of Hamas, a designated terror organisation prescribed by the U.S as such since 1997. This coin leverages the branding of the terror organisation, who on October 7th, 2023, committed the largest massacre of Jewish people since the Holocaust. The very fact that this token with such imagery can be launched and traded is deeply concerning, not only from an ethical standpoint but from a security and compliance perspective as well. 

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A Deep-Rooted Issue In The Crypto Ecosystem And Beyond

What makes these cases particularly alarming is not just the hateful rhetoric. They reveal a broader vulnerability in the crypto space, and a lack of care for the prevention of extremism on the chain. Anyone with basic technical skills can deploy a token, and without meaningful moderation or due diligence, tokens that celebrate hate or incite violence can enter the market as easily as any legitimate project.

Recent developments in mainstream pop culture also reflect this troubling trend. Kanye West, who has repeatedly made antisemitic statements on the social media platform X, and reportedly discussed launching his own coin earlier this year, has helped fuel the launches of antisemitic memecoins such as $Swasticoin and $Yaydolf. While it appears Kanye West never ended up launching his own memecoin, others took inspiration and launched their own coins using his likeness and virality. Further, Kanye has previously posted now-deleted videos of himself wearing a shirt he made featuring a swastika symbol while discussing accusations that he had launched a fake coin.

Coins such as $Swasticoin and $Yaydolf, whose names glorify Nazi ideology are clear indications that the current blockchain environment severely lacks adequate safeguards to prevent the creation of tokens plainly rooted in hate.

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Moreover, West also recently released a song praising Adolf Hitler. What is most alarming is that such a song is not created in isolation, it involves producers, marketers, distributors, and platforms, all complicit in bringing the content to the market. 

The same applies to hate-based tokens. While only one person may deploy a token on-chain, it takes buyers, promoters, influencers and traders to validate and inflate its value. In both cases, a network of participants enable and amplify antisemitism without any apparent concern for their moral implications. 

This is not merely a moral issue. It is also one of ecosystem integrity. The ease with which extremist actors can launch, promote, and profit from hate-rooted tokens poses reputational risks to platforms, developers and the industry at large. It also creates a growing challenge for crypto compliance teams, who must monitor transactions in a landscape where malicious projects can emerge at any time. 

As a real-time transaction monitoring platform, Nominis continuously monitors wallet activity and token behaviour across the blockchain ecosystem. We are seeing a rise in hate-fueled projects, many with well-orchestrated launches, social media hype and campaigns designed to drive trading volume before (most likely) the liquidity is drained. 

These are not isolated incidents, they are part of a broader trend that blends ideological extremism with financial exploitation in an insufficiently regulated environment. 

Looking Towards Accountability 

Dismissing these tokens as ‘just memecoins’ or fringe outliers overlooks the genuine harm that they can cause. The weaponisation of digital assets to both spread hateful ideology and make a profit going unprevented encourages further imitating behaviours. Their existence underscores the critical need for proactive monitoring, not only to protect users but to uphold the integrity of the broader crypto industry. 

Creators On The Blockchain Must Ask Themselves: 

What kind of system are we enabling when we allow financial tools to be used as vessels for hate? 

Nominis’ ethos is that transparency and accountability must evolve alongside decentralisation. As the crypto space continues to mature, identifying and addressing threats like these should be part of any serious effort to build a trustworthy environment. If antisemitism is allowed to spread unchecked on the blockchain, the consequences will not remain confined to the digital realm. Inevitably, they will spill into the real world, fueling hate and legitimising extremism and real world harm. 

While we strive for accuracy in our content, we acknowledge that errors may occur. If you find any mistakes, please reach out to us at contact@nominis.io Your feedback is appreciated!