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Kanye West, the hip-hop artist who goes by Ye, appears to have launched his own cryptocurrency, YZY, sparking a riot of trading activity. In February, West rejected the idea that he might launch a crypto coin. “I’M NOT DOING A COIN,” he wrote, in a since-deleted post on X. “COINS PREY ON THE FANS WITH HYPE.” He seems to have changed his mind. On Wednesday evening, West’s X account announced the YZY coin in two posts. “The official Yeezy token just dropped,” said West, in a strangely deadpan video clip that some X users speculated was AI-generated. As traders piled in, the coin’s paper value surged to $3 billion, then plummeted by two-thirds in the span of three hours as early investors cashed out. Since the start of trading, investors have placed more than $740 million worth of trades. The majority of traders have recorded losses, collectively losing more than $20 million, says blockchain analytics company Nansen. Winner of more than 20 Grammy Awards, West has become increasingly unmoored and erratic in his behavior in recent years. Most infamously, West made a series of antisemitic remarks in 2022 that drew widespread condemnation and led Adidas to abandon a lucrative partnership with his design label. The YZY coin is supposedly part of a grander constellation of products called YZY Money, which also purports to include a crypto payments service and debit card. “YZY Money is a concept to put you in control, free from centralized authority,” the website claims.
Kanye West, the hip-hop artist who goes by Ye, appears to have launched his own cryptocurrency, YZY, sparking a riot of trading activity. In February, West rejected the idea that he might launch a crypto coin. “I’M NOT DOING A COIN,” he wrote, in a since-deleted post on X. “COINS PREY ON THE FANS WITH HYPE.” He seems to have changed his mind. On Wednesday evening, West’s X account announced the YZY coin in two posts. “The official Yeezy token just dropped,” said West, in a strangely deadpan video clip that some X users speculated was AI-generated. As traders piled in, the coin’s paper value surged to $3 billion, then plummeted by two-thirds in the span of three hours as early investors cashed out. Since the start of trading, investors have placed more than $740 million worth of trades. The majority of traders have recorded losses, collectively losing more than $20 million, says blockchain analytics company Nansen. Winner of more than 20 Grammy Awards, West has become increasingly unmoored and erratic in his behavior in recent years. Most infamously, West made a series of antisemitic remarks in 2022 that drew widespread condemnation and led Adidas to abandon a lucrative partnership with his design label. The YZY coin is supposedly part of a grander constellation of products called YZY Money, which also purports to include a crypto payments service and debit card. “YZY Money is a concept to put you in control, free from centralized authority,” the website claims.

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