SCANDAL YZY!
The Memecoin of #KANYEWEST skyrockets 6,800% and unleashes fury over insider trading and million-dollar losses
The memecoin #YZY Money, linked to the figure of Ye, has debuted on the blockchain of #solana with dizzying gains, but has generated a wave of criticism for alleged internal manipulations. Following a tweet from Ye's official account that generated immediate frenzy, the token surged up to 6,800%, briefly reaching a market capitalization of $3 billion, only to then collapse.
The YZY token hit a high of $3.16 in its first hours of operation, an increase of almost 6,800% from its issuance price. However, its price quickly fell to nearly $1, causing early buyers to suffer massive losses.
Allegations of "Insider Trading": Despite the project team implementing an anti-bot random setup, on-chain data from analysts like Lookonchain suggest that internal users had early access to the contract address. A wallet was identified that spent over $450,000 in USDC to buy 1.29 million tokens, only to sell most for a profit of over $1.5 million.
Controversial Liquidity Structure: The controversy is exacerbated by the liquidity fund, which only had YZY tokens without a pairing with USDC. This unilateral setup, similar to the controversial LIBRA token from Argentina, allows developers and large holders to easily add and remove liquidity to sell tokens and withdraw cash, putting retail buyers at a disadvantage.
User Losses: Speculation has left victims. One wallet, for example, bought YZY for $1.55 million and, after selling them in less than two hours, recorded a loss of nearly $500,000.
The project sought to replicate the success of token #TRUMP , with 70% of the tokens allocated to "Yeezy Investments LLC" with a 24-month lock-up.
