A chanksta is a cross between a chav and a gangster. Meaning chav-gangsta. Usually people who are gangsta wannabes who are actually chavs.
Gangster 1- Look a him over there, with his white reebok classics and his burberry cap, and hes got a giant gold belcher chain, he's trying to be just like us gangsters.
Gangster 2- Omg he's such a chanksta, he's a wannabe, he wants to be like us!
2👍 1👎