Kanye West apparently launches 'YZY' Solana cryptocurrency on X, sparking doubts on legitimacy

U.S. hiphop artist Ye, better known by his previous name Kanye West, has apparently launched his own Solana cryptocurrency named Yeezy Money (YZY).

"Yeezy Money is here … A new economy, built on chain," said a Wednesday post on West's X.

His social media post also attached an image showing what appears to be the address for his cryptocurrency, and a link to a website that allows people to buy, sell and send the cryptocurrency. According to data from the GMGN.Ai analytics platform, the token's market capitalization currently stands at around $2 billion.

"YZY Money is a concept to put you in control, free from centralized authority," the website said. It also said the YZY ecosystem includes Ye Pay, a crypto payments processor that allows merchants to accept credit and crypto payments at a lower fee, and a YZY credit card.

Meanwhile, in its disclosure, the website states that YZY is intended to function as an "expression of support for and engagement with" the ideals embodied by the symbol, and is not intended to be an investment opportunity.

If confirmed to be legitimate, this marks a pivot from West's previous stance on memecoins. In February, West said he is not launching a coin as they "prey on the fans with hype," after seemingly teasing the idea a couple days prior. West also said he was approached to scam the social media community to promote a fake Ye cryptocurrency for $2 million. These posts came amid multiple erratic social media posts that hiphop artist has been publishing on X at the time.

Following the announcement, X users quickly grew suspicious of the new crypto venture, speculating that Kanye West's account had been compromised. However, West's official website and his online store list YZY as a potential payment option, which suggests the venture might be legitimate.

According to blockchain analytics firm Lookonchain, multiple insider wallets immediately bought YZY at launch. One wallet in particular, marked 6MNWV8, made over $1.5 million from selling YZY he bought with insider information.

"Insider wallet 6MNWV8 knew the contract address in advance and even tried buying yesterday," Lookonchain wrote.

Coinbase Director Conor Grogan also raised suspicions of insider manipulation, noting that by his estimation, over 94% of the YZY token supply is held by insiders. He pointed out that a single wallet once controlled 87% of the supply.

The Block has reached out to West for confirmation and further comments.

Article updated to add comments from Lookonchain and Conor Grogan.