Rapper Ye, Formerly Known as Kanye West, to Launch YZY Token
Rapper Ye, previously known as Kanye West, is set to release his own token, YZY, named after his fashion brand Yeezy. The move comes as a way to bypass platforms that severed ties with him due to his controversial anti-Semitic rhetoric, including Shopify. This news was reported by CoinDesk, citing sources close to the project.
The launch was revealed by Ye’s alleged financial director, Hussein Lalani, who sent the information to CoinDesk from the email address yeezy.com. Later, three sources connected to the project confirmed the authenticity of the document.
The token distribution is planned as follows: 70% will go directly to Ye, 10% will be allocated for liquidity, and 20% will be for investors. According to the YZY press release, Ye’s 70% share in the tokens is structured through a multi-phase vesting schedule, where a portion of the tokens will be locked for up to 12 months, making them unavailable for sale during that period.
Critics argue that such insider-focused distributions give founders an unfair advantage over retail investors.