Kanye West has publicly denied any connection to the first YZY-themed memecoin that surged and collapsed recently, attributing unauthorized promotion to a hacking of his Instagram account. He confirmed his endorsement only applies to a new project affiliated with a different Solana wallet and Instagram handle. The original token's launch saw heavy trading before a dramatic liquidity wipeout exceeding $24 million. Questions remain about the security breach and the parties behind the initial token, while the crypto community expresses skepticism over West’s explanation. This episode highlights ongoing challenges around transparency and responsibility in celebrity-backed cryptocurrencies.
Continue to read Kanye West Rejects Initial YZY Token Amid Claims of Instagram Account Hack
Kanye West has publicly denied any connection to the first YZY-themed memecoin that surged and collapsed recently, attributing unauthorized promotion to a hacking of his Instagram account. He confirmed his endorsement only applies to a new project affiliated with a different Solana wallet and Instagram handle. The original token's launch saw heavy trading before a dramatic liquidity wipeout exceeding $24 million. Questions remain about the security breach and the parties behind the initial token, while the crypto community expresses skepticism over West’s explanation. This episode highlights ongoing challenges around transparency and responsibility in celebrity-backed cryptocurrencies.
Continue to read Kanye West Rejects Initial YZY Token Amid Claims of Instagram Account Hack
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