Kickboxing champion Andrew Tate recently invested in Kanye West's newly launched YZY token, but the investment results were poor.
The wallet associated with Tate shorted the YZY token with 3x leverage, entering at a price of $0.85 and currently suffering a loss of $16,000. Cumulative losses on Hyperliquid are nearing $700,000.
Blockchain analysis platform Lookonchain pointed out that out of Tate's 80 trades, only 29 were profitable, with a total loss of $699,000.
The YZY token was launched on Solana and was sold off by the first 13 wallet holders, earning a profit of $24.5 million, with the price soaring 1400% in the first hour before dropping over 74%.
As celebrities show increasing interest in cryptocurrency, more and more influencers are facing losses, and investment advice should be taken with caution.
Previously, the Daddy Tate token, which Tate was involved with, became controversial due to allegations of insider trading, with about 30% of the supply obtained by executives.
Most tokens promoted by Tate have plummeted by 99%.
Tate promoted several Solana tokens with no intrinsic value, the vast majority of which dropped 99% in value after his promotion. Bubblemaps warns that several tokens have 30% internal holdings.
Other celebrities promoting Solana tokens include 50 Cent, Caitlyn Jenner, Iggy Azalea, and football legend Ronaldinho.
Over 30 celebrity tokens will launch on Solana in June 2024, with prices dropping by at least 73.23%.
UFC fighter Khamzat Chimaev's SMASH token faces similar controversy, as his team acquired 78% of the supply, leading to widespread skepticism.
