Elite traders drained $24.5 million from Kanye’s YZY memecoin launch, leaving 56,000 retail investors with massive losses.
Token crashed 74% in 24 hours after initially surging 1,400% to $3, with sophisticated snipers executing synchronized exit strategies while retail held worthless bags.
Kanye West’s Solana-based YZY memecoin was another celebrity token that was drained by sophisticated traders. The data indicate that this was an organized raid that represents the predatory aspect of celebrity cryptocurrency launches that prey on unsuspecting investors.
Elite Trading Groups Orchestrate Massive Wealth Transfer
Nansen, a blockchain analytics firm, tracked 13 wallets that earned more than a million dollars in the course of YZY volatile Thursday launch sequence. These colluding operators made away with a total of $24.5 million and about 56,000 retail wallets were left devastated.
The price movement of the token was a typical pump-and-dump scheme, as it increased by
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