The post Crypto Rugpull? Arthur Hayes Calls Out Kanye’s $YZY Token After Costly Gamble appeared first on Coinpedia Fintech News

The world-famous Hip-Hop artist, Ye, better known as Kanye West, launched his official crypto, $YZY. According to Nansen Data, within just 40 minutes of its release, the YZY token hit a market capitalization of $3 billion, but it quickly stumbled back to $1

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Blockchain analytics firm Lookonchain also raised concerns, saying, “Multiple insider wallets prepared funds in advance and immediately bought $YZY…Insider wallet 6MNWV8 knew the contract address in advance and even tried buying yesterday.” 

Mixed Reactions from the Traders 

One trader spent $24,000 in Solana priority fees to secure $3



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FAQs

Is the $YZY token legitimate?

Analysts raised red flags due to suspicious activity, including a single wallet holding 87% of the supply and significant insider trading.

Who are the insiders in the $YZY token launch?

Coinbase and Lookonchain experts reported that insiders, who held 94% of the supply, knew the contract address in advance and bought large amounts at launch.

What is a “multisig” wallet?

A multisig, or multi-signature, wallet requires multiple private keys to authorize a transaction, offering enhanced security. It was used by insiders to control the $YZY supply.

What is “insider trading” in crypto?

Insider trading is when individuals with privileged information, such as early access to a token contract, use it to make profitable trades before the public can.