Kanye West’s YZY Token Launch Marred by Insider Trading and Pump-and-Dump Scheme

On-chain data reveals suspicious activity surrounding the launch of Kanye West’s YZY token, with ties to early LIBRA and TRUMP meme coin traders. The token surged briefly before collapsing, leaving retail investors with significant losses while insiders profited handsomely.

Nansen’s analysis shows the top 500 wallets realized $50.4 million in profits, while others suffered $21.4 million in losses. A single wallet captured $3 million in gains, contrasting sharply with the largest individual loss of $1.3 million. Liquidity pools earned $10 million in fees, highlighting the lopsided distribution of gains.

Mikey Shelton, a figure linked to Ye’s inner circle, emerged as a key player in the pump-and-dump scheme. Shelton boasted about making $160,000 within the first 10 minutes of trading, with screenshots of his claims circulating widely. His earlier endorsement from Ye—"You are the brand"—now carries an ironic weight amid the controversy.