Kanye west, the It seems that the hip-hop artist who rides through Ye seemed to publish his own cryptocurrency, yzy, causing riots of commercial activities.
In February, West rejected the idea that he could launch a cryptographic coin. “I don’t make a coin,” he wrote in From the moment of the deleted post On X. “coins feed on fans with noise.” He seems to change his mind.
On Wednesday evening, the X West account announced a coin of yzy on two posts. “The official token of Yeezy has just dropped,” said West in a strangely dead video clip that some users x speculated He was generated AI.
When traders came in, the value of the coin paper increased to $ 3 billionAnd then a edged decline for two -thirds in three hours, when early investors paid. From the beginning of trade, investors have placed Over $ 740 million Transaction value. Most traders recorded losses, losing over $ 20 million in total, says Nansen Blockchain Analytics.
The YZY coin is reportedly part of a great constellation of products called Yzy Money, which is also to contain a cryptographic service and a debit card. “Yzy Money is a concept to put you with control, free from centralized authority”, Claims on the website.
According to the website, 20 percent of YZA supply were issued, 10 percent were collected on the stock exchanges to enable smooth trade, while the remaining 70 percent are in possession of Yeezy Investments LLC. The company cannot access these coins for at least three months, a widespread practice aimed at preventing issuers from dropping their shares and sinking the price of coin.
It is not clear who controls Yeezy Investments, which is registered in Delaware and therefore is not required to disclose its ownership structure. Yeezy Investments runs Yzy Money on the basis of a license granted by OX PAHA Inc., Company, via West manages his intellectual propertyConditions country.
Usually, cryptography traders are warned against coins, whose supply focuses in the hands of a small number of pages, because they are afraid that they can massively sell their shares, reducing the price of the coin.
“You must consider longer,” says Nicolai Søndergaard, a research analyst at Nansen. “Let’s say that all tokens unlock in two years, you may not want to be at the moment.
Commercial activity patterns in minutes after the announcement of the coin led to further questions about the integrity of launch.