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An on-chain investigation has raised serious questions about the launch of Kanye West’s $YZY token after analysts linked one of its “sniper wallets” to wallets previously involved in the controversial LIBRA token. The finding suggests that a small group of insiders may have pocketed tens of millions of dollars across both launches.
Rapid Gains Raise Eyebrows
The investigation, led by pseudonymous analyst Dethective, found that a wallet tied to the YZY launch managed to scoop up $250,000 worth of tokens at just $0.20 — well below the average price retail traders were paying. Within minutes, the wallet flipped those tokens for more than $1 million in profit, later sending the funds to a central treasury address.
Connections to LIBRA Token Launch
That same treasury wallet, according to Dethective, had also been the destination of funds extracted from the LIBRA launch earlier this year. In that case, two wallets dubbed “Libra snipers” collectively walked away with $21 million. Taken together, nearly $23 million has reportedly been pulled from YZY and LIBRA, with much of it flowing through Binance and Solana-based protocols such as Kamino.
Independent Confirmation by Analysts
Other blockchain analytics groups have backed the claim. Security firm Cyvers confirmed wallet overlaps between the $YZY trades and LIBRA extraction, while Nansen also found ties but stopped short of labeling it insider trading. They noted that while the wallet activity looks coordinated, it isn’t always easy to prove whether the advantage came from privileged information or simply sharp, fast execution.
Early Investors and Memecoin Veterans
Adding intrigue, notorious memecoin trader Naseem, who made millions on the Trump (TRUMP) token, was also spotted as an early YZY buyer. Using a wallet funded from his TRUMP gains, he joined the first wave of YZY purchases. While he claimed it was simply spotting liquidity early, the timing has fueled speculation that YZY’s launch was less organic than marketed.
YZY Token Launch Performance
Despite these red flags, the YZY token exploded on launch day, briefly hitting a $3 billion market cap in just 40 minutes before crashing back to around $1 billion. At press time, YZY trades near $1, down more than 60% from its $3.16 high.
The Vision and the Controversy
Kanye West, who has branded the project as part of a “new economy built on-chain,” insists YZY will serve as the backbone of his planned “YZY Money” system. But with analysts drawing lines between YZY and LIBRA, investors are left weighing whether this is genuine innovation or another repeat of a familiar playbook.
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