Ye's YZY Token Launch: A Controversial Crypto Venture
Ye's YZY Token Launch: A Controversial Crypto Venture
Following recent controversial statements about cryptocurrency, Kanye West (Ye) is reportedly launching a token called YZY, named after his Yeezy brand. This move comes after he severed ties with platforms like Shopify and publicly expressed his skepticism about cryptocurrencies.
Key Takeaways
- Ye plans to launch the YZY token to bypass platforms like Shopify.
- Ye will hold a significant 70% stake in the YZY token. The remaining 10% is allocated for liquidity, and 20% for investors.
- The YZY token is intended to be the official currency for Ye's website.
Sources familiar with the project indicate Ye's approach mirrors the centralized structure of the TRUMP meme coin. While initially aiming for an 80% stake, this was negotiated down to 70%. The token will feature a multi-phase vesting schedule, locking some tokens for up to 12 months.
Initially scheduled for Thursday, the launch has been postponed to Friday due to undisclosed timing concerns, potentially related to the recent controversy surrounding Argentina's President Javier Milei's LIBRA token. Details about the token first emerged via an unsolicited email from an individual claiming to be Yeezy's CFO.
From Criticism to Creation: Ye's Crypto U-Turn
Earlier this month, Ye engaged in a lengthy rant on X (formerly Twitter), where he notably declined a $2 million promotion deal for a fraudulent cryptocurrency. He also expressed interest in connecting with Coinbase CEO Brian Armstrong to discuss crypto. His subsequent statement denying involvement in any coin launch added to the intrigue.
Ye's previous statements criticizing cryptocurrencies for preying on fan hype, coupled with his current plans for the YZY token, present a fascinating and controversial narrative. This situation highlights the need for caution and due diligence in the volatile world of cryptocurrency.
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