Chris, 25, has since offered an apology to viewers and fans after he was unmasked as his alterego, The Phantom, in a series of vile online videos.
The actor's lyrics are said to have included: "I will f*** anybody up in the worst way, rape a b*tch on her birthday."
According to The Sun, he also rapped: "I'm a motherf***ing demon, I'll stab you in the face with a diseased needle."
In the videos, Chris - who plays Tommy Duckworth in Corrie - is dressed in a frightening Halloween mask, hoodie and baseball cap.
Speaking in the wake of the scandal, Chris has said: "I would like to sincerely apologise for any offence I have caused. I am deeply ashamed by the lyrics and very much regret my behaviour.
"The videos were made over a year ago when I was experimenting with music and I've not done anything like it since, nor will I."
An ITV spokesman said: "ITV find the language used and the views expressed in this video totally unacceptable.
"Chris Fountain has been suspended pending further inquiries into this matter."
Chris' Twitter profile for The Phantom has since been removed.