Kanye West says he drops coin next week, claims all current ones are fake
Key Takeaways
- Ye is launching a crypto token next week.
- YZY token distribution reportedly gives 70% to Kanye West, raising concerns about centralization.
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Kanye West, now known as Ye, has announced a new coin launching next week, and has also stated that every other coin currently available is “fake.”
Two weeks after a series of controversial tweets, including mentions of “coin” and “crypto,” and a subsequent X account deactivation, Ye returned this week and tweeted about “coin” again on Friday.
His statement follows an early report revealing that Ye plans to launch a crypto token called YZY as part of his strategy to create a censorship-resistant financial ecosystem for his brand. The token aims to help him bypass platforms that have cut ties with him due to controversies.
Reports indicate Ye initially sought an 80% stake in YZY coin, ultimately agreeing to 70%, with 10% for liquidity and 20% for investors; the coin will function as his website’s official currency.
The initial token launch, originally scheduled for Thursday evening, was pushed to Friday.
The launch follows other celebrity-backed crypto ventures, including Donald Trump’s TRUMP meme coin.
Argentina’s President Javier Milei recently endorsed the LIBRA meme coin, resulting in a swift and dramatic collapse.
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