Kanye West (or Ye, as he’s known now) last week announced his first foray into the cryptocurrency industry with what his X account said was a new memecoin, YZY. “The official Yeezy token just dropped,” said a bored-looking West in a video posted on his X account. This, in and of itself, was somewhat bizarre (West had previously sworn off memecoins) and some web users speculated that the video may have been AI-generated.
The coin immediately skyrocketed in value, climbing—in the span of a few hours—to a market cap of some $3 billion, Wired reports. Not long after, the coin predictably plummeted in value, eventually settling to around $1.5 billion, Forbes writes. As we sit here, the YZY token’s market cap rests significantly lower, around $169 million, according to crypto metrics site CoinMarketCap.
This week, West claimed his Instagram account had been hacked and that the hacker used the access to point visitors in the direction of a crypto scam. “My Instagram has been hacked and it’s following a fake coin,” West tweeted on Tuesday. A visit to West’s Instagram account shows no sign of any sort of post about cryptocurrency, and the only account that West seems to be following is the one belonging to his girlfriend, Bianca Censori. On X, West took the opportunity to point visitors in the direction of the real promotional page for his coin.
West has claimed that YZY is really just part of a “new economy” that he’s building “on chain” (presumably he’s referring to the blockchain). YZY Money, which is how this new fiscal system has been packaged, is being sold as a broader set of financial products (including a debit card and something called “Ye Pay”) that people who trust West with their money can buy into. “YZY Money is a concept to put you in control, free from centralized authority,” the coin’s website says.
It goes without saying that trusting West—or the crypto industry at large—with your money is something to mull carefully before making any big financial commitments. YZY Money’s website doesn’t include a whole lot of information about its products other than a brief Q&A that explains how to trade, buy, and use the asset. The site also includes a familiar disclaimer: “Users acknowledge that digital assets involve inherent risks and potential for complete loss. Nothing on this site constitutes financial legal or investment advice.” The site’s terms and conditions page also appears to include the stipulation that users waive their right to participate in a class action lawsuit.
Becoming a crypto bro sorta seems like something West would’ve done a long time ago. Indeed, one would’ve assumed that he’d have gotten into crypto way before praising Hitler, but then, nobody really knows what the future holds, do they?
