Ye, formerly known as Kanye West, launched his YZY Money token this week, only for it to collapse in under 24 hours. The coin, built on Solana, shot up to a $3 billion market cap within the first hour of trading before plummeting below $1.3 billion and continuing to sink. By the end of the day, YZY Money was trading under $1, wiping out millions in value.
On-chain data shows over 56,000 wallets interacted with the token, with most investors ending up in the red. Reports estimate total losses at more than $50 million. The breakdown of wallets highlights the scale of the collapse: nearly 15,000 wallets lost up to $500, while over 500 wallets saw losses between $10,000 and $100,000. At least one wallet reportedly lost over $1 million.
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Concerns about insider trading quickly spread after it was revealed that more than 90% of the supply sat in just six wallets. Screenshots and blockchain data suggested that developers could pull liquidity at any time, allowing insiders to dump tokens on retail buyers.
Despite the crash, the man behind the YZY Money token was seen celebrating on social media the night of its launch, even bragging about making millions in what many are now calling a rug pull. This has only intensified criticism around the project and Ye’s broader “YZY Money” push, which also includes Ye Pay and the YZY Card.
For many, the collapse of YZY Money is another cautionary tale about celebrity-backed crypto projects. What started as “a new economy, built on chain” quickly unraveled into one of the most high-profile token failures of the year.
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