Insiders and LIBRA snipers hijack Kanye’s $3B YZY coin
Kanye West’s newly-launched YZY token, which briefly soared to a $3 billion market cap earlier today, is at least 94% owned by insiders. That’s according to Coinbase Director Conor Grogan, who also noted that 87% of the supply was owned by a single multisig wallet that later dispersed tokens to other wallets. Despite its impressive start, the token dropped back 89% to $320 million in just 30 minutes. YZY was created three days prior to its public launch at 2:53 am UTC+1 and started pumping at 2:54 am UTC+1. According to crypto analyst Lookonchain, “ Multiple insider wallets prepared funds in advance and immediately bought $YZY .” https://t.co/1M0I3w1dq4 pic.twitter.com/ub91RSGF5C — YZY MONEY (@YZY_MNY) August 21, 2025 Blink twice if this is a legit launch. Read more: Kanye West said ‘coin’ on X and memecoin degens are frothing Crypto sleuth Dethective claims someone sniped the YZY launch for $1.8 million before sending the funds to a treasury walle...