Kanye West denies ties to YZY tokens and plans to launch his own crypto next week

Kanye West, now called Ye, has denied any links to YZY tokens in the market. He claims he will launch his own cryptocurrency next week. This announcement is surprising since he previously dismissed digital assets. His statement has led to speculation about his true involvement in crypto.

On February 22, Ye posted on X, stating that all current tokens using his name are unauthorized. He declared, “All current coins are fake. I’m launching next week.” This news has received mixed reactions. Some people suspect it could be another celebrity scam, while others suggest he should time the launch wisely.

Critics point out that Ye’s new interest in crypto contradicts his earlier views. Nate Geraci, President of ETF Store, advised caution to potential investors. He warned that anyone buying Ye’s token should be ready for losses. He emphasized that if things go wrong, there would be no one to blame.

Recently, several YZY-branded tokens appeared on the Solana-based launchpad Pump.fun. This has led to speculation about an official token launch. Some reports suggest Ye is developing a token linked to his Yeezy brand. CoinDesk received a press release from Hussein Lalani, who claims to be Yeezy’s Chief Financial Officer, confirming the project.

Details about the token indicate that Ye might control 70% of the supply. Additionally, 20% would be for investors and 10% for liquidity. A part of his holdings may be locked for one year to prevent immediate selling.

TagsCrypto