Memecoin YZY: Did Kanye West cheat his fans?

Rapper Kanye West (Ye) confirmed the launch of his own token, YZY Money, on Solana on X. Within an hour of trading launch, the market capitalization temporarily rose to over three billion US dollars. It has since fallen by almost 80 percent, to a market capitalization of around 300 million US dollars.
According to the project website, YZY will not only be a memecoin, but also launch a payment service provider (“Ye Pay”) and a YZY Card. On-chain analyses now show evidence of insider trading: Certain wallets had early access and generated millions in profits.
The token distribution is also being discussed critically, as a large portion of the coins are allocated to Ye and his team. Industry experts warn of significant risks for retail investors – particularly due to one-sided allocation and the lack of stable counter currencies such as USDC.
The sector is rife with fraud. First, there are the scams themselves. Around $500 million is said to have been stolen from investors in 2024. The most common scam: X scams. Furthermore, there are repeated suspected cases of insider trading, such as the launch of the Trump memecoin.

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