Kanye West’s YZY token crash leaves over 50,000 wallets with losses, 11 profit over $1 million: Bubblemaps

A majority of YZY memecoin traders, who invested in the Solana cryptocurrency launched by hip-hop star Kanye West earlier this month, incurred losses on their investments, while only a handful of wallets generated millions in profits.

According to the blockchain analytics platform Bubblemaps , 51,862 wallets out of 70,201 total traders, which is 73.8%, lost money on the YZY token, amounting to a total loss of $74.8 million. 1,025 of those wallets saw over $10,000 in losses.

On the contrary, 18,333 wallets profited from their YZY investments, accumulating a total profit of over $66.6 million. Out of that number, 15,792 wallets, or 86%, made less than $1,000 on their investments. 

Nearly 30% of total profits made from West's token were concentrated in 11 wallet addresses, Bubblemaps data showed.

Last Wednesday, West launched YZY, or Yeezy Money, and heavily promoted the cryptocurrency via social media platforms and his official website. YZY claimed that it would put users in control of their finances, free from centralized authorities.

However, hours after launching, the token's value crashed nearly 70%. Bubblemaps and other crypto community members claimed that YZY's price was manipulated by insider trading and sniping, which is when automated bots buy up a significant amount of the token's initial supply immediately after launch.

Bubblemaps previously alleged that a pseudonymous trader named "Naseem," an expert "sniper" who made around $100 million in profits from U.S. President Donald Trump's memecoin, was YZY's first investor. 

The analytics platform further claimed that Hayden Davis , who was involved with Libra and multiple other cryptocurrency projects that similarly crashed soon after launching, earned $12 million sniping YZY. 

"The past week truly exposed the failures of our industry … Despite our collective efforts as investigators, builders, and communities – the same names keep running the same scams," Bubblemaps wrote in an X post . "The playbook is simple: Infiltrate big launches, get in early, and extract millions. It’s happening in plain sight, and no one is stopping it."

Meanwhile, West had previously rejected the idea of launching his own cryptocurrency as he thought memecoins "prey on the fans with hype."

The Block has reached out to West for further comments on the matter.