In February, West rejected the idea that he could launch a cryptographic currency. “I’m not doing a coin,” he wrote, in a Post since then canceled On X. “Coins prey fans with hype.” It seems that he has changed his mind.
Wednesday evening, West’s account X announced the YZY coin in two poles. “Yeezy’s official token has just fallen,” said West, in an extraordinarily impassive one Video clip that some users x speculating It was generated to.
While the traders accumulated, the paper value of the coin Climbed to $ 3 billionThen precipitated by two thirds over three hours while the first investors collected. Since the start of trading, investors have put More than $ 740 million exchange value. Most of the traders recorded losses, collectively losing over $ 20 million, says the Blockchain Nansen analysis company.
Winner of over 20 Grammy prizes, West has become increasingly infallible and irregular in his behavior in recent years. More famous, West has made a series of Anti -Semitic observations In 2022 which attracted a widespread sentence and led Adidas a abandon a profitable partnership with its design label. In May, he A music video published entitled “Heil Hitler”.
The YZY coin is presumably part of a larger constellation of products called Yzy Money, which also claims to include a cryptocurrency service and a debit card. “Yzy money is a concept that puts you in check, free from the centralized authority”, the Website complaints.
According to the website, 20 percent of the Yzy offer has been released, 10 percent has been grouped on the exchanges to allow regular trading, while the remaining 70 percent is held by Yeezy Investments LLC. The company cannot access these coins for at least three months, a common practice intended to prevent broadcasters from downloading their participations and sinking the price of a coin.
It is not clear who controls Yeezy Investments, which is recorded in Delaware and therefore is not required to disclose its property structure. Yeezy Investments manages the Yzy Money website with a license granted by Ox Paha Inc., a company through which West manages its intellectual propertythe terms and conditions state.
Generally, the traders of cryptocurrencies rookie are felt far from the coins whose offer is concentrated in the hands of a small number of parts, for fear that they can sell their participations en masse, lowering the price of the coin.
“You have to consider more basically,” says Nicolai Søndergaard, Nansen’s research analyst. “Let’s say that all the tokens unlock in two years, you may not want to be in a sign at that point. You may suppose enough that there would be a sale.”
The models in the trading activity in the minutes following the announcement of the YZY coin led to further questions about the integrity of the launch.
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