Kanye West’s newly launched YZY meme coin on Solana
$211.28
has misplaced over four-fifths of its worth only a week after its launch.
The value drop comes as West claims his Instagram account was compromised and used to comply with and promote a faux model of the token.
On August 26, West posted on X that his Instagram had been hacked. He added a hyperlink to the official YZY token’s X account and shared its right Solana contract deal with, which ends in “YEEZY”.
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On the time, his Instagram account, adopted by practically 20 million folks, was solely following two different accounts: one belonging to his companion Bianca Censori, and one other named “yzytoken”.
The “yzytoken” profile was selling a special model of the YZY token, which had launched on Solana’s Pump.enjoyable platform that very same day. Its bio included two contract addresses, one linked to the faux token and the opposite to West’s official token.
A QR code put up with cryptic textual content (“Restart now? (y/n): ‘) == ‘y.’”) appeared on the web page as properly.
Simply the act of Kanye’s account following the impostor web page was sufficient to push the faux token’s market cap to round $7 million at its peak. Nevertheless, that worth later dropped to round $160,000.
Kanye’s Instagram account now not adopted the “yzytoken” web page as of two:18 PM ET.
Bubblemaps, a blockchain analytics firm, just lately reported that Hayden Davis was tied to wallets that generated round $12 million in YZY trades. How did that occur? Learn the complete story.
