Update (March 30): Karmaloop released a statement about this announcement saying, "As we confirmed earlier this week, Kanye and Dame are among several people we've spoken with about Karmaloop. We're having a lot of conversations and seeing intense interest in our brand."

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The rumors of Kanye West and Dame Dash purchasing Karmaloop have been officially confirmed after a set of videos on Dash were posted on Instagram alongside Ye, where Dash says him and the "All Day" rapper are buying the lifestyle website.

Rumors of Kanye and Dash purchasing the online streetwear site, began this week when the hip-hop mogul revealed in an interview that him and Yeezy were buying out Karmaloop. Greg Selkoe, CEO of the lifestyle retailer took to Twitter and denied Dash's comments on Monday afternoon, while mentioning that KL was not in debt for the 101 million that it was presumed.

With Dame Dash posting the set of videos alongside West today and confirming the purchase of Karmaloop, it looks like the two hip-hop figures will be venturing off to take over the online streetwear world with a revamped Karmaloop on their side.