Kanye West Abandons YZY Cryptocurrency Following Tumultuous Crypto Venture
Kanye West's YZY Token Enters the Crypto Landscape
Kanye West, also known as Ye, has made a significant entry into the world of cryptocurrency with the launch of the YZY token on the Solana blockchain. The rapper unveiled the token and the Yeezy Money website on a specific date, marking a new chapter in his notable history with digital assets.
West's foray into the crypto world began earlier with Coinye West, a Litecoin-based token featuring his likeness, which he distanced himself from in 2014 by issuing a cease-and-desist letter. This action led to the coin's shutdown following legal action.
The YZY token was launched under undisclosed circumstances, and early insider sales caused its value to decline. However, soon after launch, the token surged to a market capitalization of over $3 billion. As of now, the YZY token's market capitalization stands at around $103 million.
The YZY token's distribution and liquidity are significantly controlled by West himself, who was assigned 70% of the total token supply. Initially, he demanded 80%, but settled for 70%. This majority holding gives him considerable influence over the token's direction.
The performance of the YZY token is being closely watched by industry observers and crypto enthusiasts, as the cryptocurrency landscape is rapidly evolving. Analytics platform Nansen reports the YZY token's market capitalization.
In a follow-up post on X, West shared a video declaring the official YZY token drop. His cryptocurrency plans were announced amid a series of controversial public statements, including referring to himself as a "Nazi."
The Yeezy Money website is described as a fully on-chain "new economy." However, early reports suggested the cryptocurrency might debut on the Binance Smart Chain, possibly due to West following select accounts, including former Binance CEO Changpeng Zhao (CZ).
Conor Grogan, a Coinbase director, stated that the vast majority of YZY tokens were concentrated among insiders, with one multisignature wallet containing 87% of the total supply. Mikey Shelton, a developer involved with the token, had reportedly boasted about insider trading on his Instagram account.
In February 2025, West's engagement with the crypto industry escalated, marked by connections with prominent figures and hints of a cryptocurrency launch. The YZY token's launch and the Yeezy Money website's unveiling are the culmination of these developments.
West's cryptocurrency ventures, from Coinye West to the YZY token, underscore his ongoing interest in the digital asset world. The YZY token's journey in the crypto market will undoubtedly be an interesting one to follow.
